The 33-year-old, who made her international debut in 2012, has taken 309 wickets in 240 matches across formats and is targeting a strong finish after Australia's semi-final exits in their last two World Cup campaigns.
Australia will also eye a record-extending seventh T20 World Cup title at the tournament, which begins on June 12 in England and Wales.
"I'm competitive in everything I do, which is a good and a bad thing, the last two have stung and, after being part of a lot of success, it stings even more," Schutt told AAP.
"But then you think of the kids that haven't won a World Cup; it's a good reminder I've been lucky and want to restart that with the next generation."
Schutt has not mapped out her retirement but said the packed international calendar meant she would eventually have to decide when to step aside.
"I'm not much of a planner; I like to go with the flow," Schutt said.
"But with how often World Cups are, and everything in between, there's always a carrot that gets dangled and eventually you have to make a decision."
Australia are in Group A and will begin their campaign against South Africa on June 13 in Manchester.
