"First, we're going to take a little break", Michelle Obama said.
Obama - speaking shortly after his successor, Donald Trump, was sworn into office - called the presidency "the privilege of my life" and thanked the supporters who formed his 2008 grassroots campaign that put the former IL senator into the White House. "We're finally going to get some sleep and take some time to be with our family and just be still for a little bit".
The site is light on details, but says the foundation will focus on developing a new "generation of citizens" and leaders, and promises an array of projects in Chicago and across the world.
Most outgoing presidents shove their papers in a fancy library and let them sit there.
Former President Barack Obama and former First Lady Michelle Obama announced they will begin an Obama Foundation and are taking suggestions about what the organization will do (video below).
"Send us your ideas, your hopes, your beliefs about what we can achieve together", Michelle Obama said.
"It has been surprisingly emotional for all of us, in ways that we didn't expect", Obama told host Jimmy Fallon, while also noting she was ready to leave after two terms. "You went into communities that maybe you never even thought about visiting", Obama said in brief remarks.
"True democracy is a project that's much bigger than any one of us", he added.
"Our glorious diversity - our diversities of faiths and colours and creeds - that is not a threat to who we are, it makes us who we are", she said.