How is it perceived to withdraw an application to grad school

I applied to a program that I had been striving for in my undergrad, at a top school, but I've since felt overwhelmed with the thought of going this year. I think I should have waited until I was absolutely sure I could handle grad school emotionally and financially. I am so anxious now, thinking I made a huge life mistake.

I am seriously considering withdrawing my application, but I'm very worried about how it might hurt me in the future when I reapply. Otherwise I may have to decline if I am accepted and reapply.