Neil - who has two daughters, Marjorie and Elyn, from his first marriage to Jayne Posner and two sons, Jesse and Micah, with ex-wife Marcia Murphy - explained he was "flying way above sea level" after hearing the news, revealing he has "dreamed" about achieving such an honour.
He said: "I've watched, and I've seen, and I've even dreamed that someday that would happen to me, but I never really believed that it would."
He will be honoured alongside Oscar-winning actress Meryl Streep, cellist Yo-Yo Ma, Broadway star Barbara Cook and saxophonist Sonny Rollins at the John F. Kennedy Centre for the Performing Arts in Washington.
- BANG! Showbiz