The former Aston Villa and Rangers boss left his job with Saudi Pro League outfit Al-Ettifaq midseason.
Gerrard told That Peter Crouch Podcast: "I don't want to be back in work, not at the moment. I've just come out, so I am happy waking up, being free, doing the family stuff and being free from the stress.
"I will go back in at some point but when it is round the clock for 18 months, I just want to be free and do normal things that you can't do when you are coaching like a game of golf or go down the boozer. I want to do normal things that you can't really do when you're coaching, so I am all good.
"I'm good and stress free. I’m out of work in terms of the coaching and management, which is obviously 24/7."
The Liverpool great admits management doesn't replace the buzz of playing.
He added: "I miss it everyday, every single day, I would love to run it back and do it all again.
"Coaching and management does not fill the void, it is just not the same. Don't get me wrong it is a great job to still be around it, but in terms of the buzz of playing, I didn't appreciate it enough."