US President Joe Biden says it has been the honour of his life to serve as president, that he is choosing democracy over his title, and that it is time to pass the torch to a younger generation.

“I revere this office. I love my country more. It has been the honour of my life to serve as your president, but in the democracy that is at stake I think it is more important than any title,” he said.

“I draw strength and find joy in working for the American people, but this sacred task of perfecting our union is not about me. It is about you. Your families. Your futures. It is about we the people.

“America is going to have to choose between moving forward or backward, between hope and hate, between unity and division.

“We have to decide: do we still believe in honesty, decency, respect, freedom, justice and democracy?

“In this moment, we can see those we disagree with not as enemies but as fellow Americans. Can we do that? Does character in public life still matter? I believe you know the answer to these questions.”

Biden went on to say he believes his record as president merited a second term, but nothing can come in the way of saving democracy – including “personal ambition”.

“I’ve decided the best way forward is to pass the torch to a new generation. It is the best way to unite our nation. You know there is a time and a place for long years of experience in public life,” he said.

“But there is also a time and a place for new voices, fresh voices; yes, younger voices. And that time and place is now.”