Your decision of backing off from your candidacy is all right; because as you said, you and your family have been deliberating on the matter. So it means that you have a good reason for doing it. Anyway, you can again try your luck in the future. What I can say is, "strive to maintain calmness of mind." It is very important.
Whether or not you have a position in the government, you are still a great asset in the community as what you have proven yourself. Keep up that status and people will always be there to support you.