“I revere this office, but I love my country more,” he said.
Biden addressed the US from the Oval Office in his first lengthy public remarks since his withdrawal from the presidential race.
“In recent weeks it has become clear to me that I need to unite my party in this critical endeavour,” he said.
“I have decided the best way forward is to pass the torch to a new generation.”
Without mentioning Republican rival Donald Trump, Biden said the US was at an “inflection point”.
He urged people to see those they politically disagreed with not as enemies but as “fellow Americans”.
Biden called for “new, fresh voices” in US politics, and, acknowledging apprehension about his age that helped end his presidential campaign, for “younger voices”.
He outlined his priorities for the remainder of his term to be lowering the cost of living, defending civil rights, calling out “hate and extremism”, including political violence.
“I will keep working to ensure America remains strong, secure and the leader of the free world,” he said.
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