At an event marking the 50th anniversary of his uncle's inauguration as president, Ted Kennedy Jr. ruled out his own run for office next year. 

Kennedy was mulling a bid for the seat of retiring Sen. Joe Lieberman (I-Conn.), but said Tuesday that while a run for public office might still be in his future, it won't happen in 2012.  

"I've been clear about my desire and my hope to go into public service at some point in my life," Kennedy said, according to the Connecticut Post. "The issue is not, do I have the passion or energy, or could I be an effective representative. The issue is my need to lead a balanced life and be a father to my kids." 

Kennedy is the son of the late Sen. Edward Kennedy (D-Mass.). 

While he was the one potential wild card in the race for the Democratic nomination in Connecticut, most observers anticipated that Kennedy would ultimately pass on the race. 

Two Democrats have already jumped into the open-seat contest: Rep. Chris Murphy (D-Conn.) and former Secretary of State Susan Bysiewicz. 

On the Republican side, former World Wrestling Entertainment CEO Linda McMahon and former Rep. Rob Simmons (R-Conn.) are still weighing bids for the seat. Former Lt. Gov. Michael Fedele is another GOP possibility.