From a USA TODAY report:
Pope Benedict XVI has done it. Queen Beatrix of the Netherlands has done it. Will Britain's Queen Elizabeth II step aside from her 61-year reign and let the light of a new generation in?
The short answer is no.
Everything the 86-year-old Queen Elizabeth II wishes to say on the matter of going or staying has already been said -- on her 21st birthday in 1947.
In a speech she made when she was still known to the world as Princess Elizabeth she said "I declare before you all that my whole life whether it be long or short shall be devoted to your service and the service of our great imperial family to which we all belong."
She continued, "we must give nothing less than the whole of ourselves. There is a motto which has been borne by many of my ancestors -- a noble motto, 'I serve'."
So she's staying. Life, for the queen, means life.