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1 Peter 1:4-5 Updated American Standard Version (UASV)
⁴to an incorruptible and undefiled and unfading inheritance, reserved [1] in heaven for you, ⁵who by the power of God are protected through faith for a salvation ready to be revealed in the last time.

The gift of the new birth leads to three spiritual realities.

The second spiritual reality Christians enter into is an inheritance (1:4). The word for inheritance is an interesting term. It can mean property already received, as well as one that is expected to be received. Another way to understand this word is to contrast earth and heaven. “The New Testament regularly uses inheritance to refer not only to an earthly inheritance but also to a believer’s share in the heavenly kingdom, his or her future heavenly reward, as in Gal. 3:18; Eph. 1:14, 18; 5:5; Col. 3:24; and Heb. 9:15.” When the term inheritance is used in its “heavenly” aspect, it is underscoring an inheritance God has for us at the end of time. This inheritance is kept in heaven for you. The fact of the new birth provides a “spiritual deposit” (Eph. 1:14) now that guarantees our inheritance in the future. Christians have a foretaste of glory divine. This inheritance kept in heaven can never perish, spoil, or fade. The first term, perish, indicates something that is not corruptible or not liable to pass away. The second term, spoil, means unstained or undefiled. The third term, fade, means unfading, where it is used in reference to flowers. It could be said that this inheritance is marked by immortality, purity, and beauty. Peter Davids explains that “this inheritance is described using three adjectives: (1) incorruptible—it is permanent. (2) undefiled—it is morally and religiously pure. (3) unfading—it is eternal. Thus it is better than any earthly reward.” This reward is kept in heaven, meaning to guard or to take care of. The tense of this verb indicates a completed action in past time that carries the benefits into the present time. The inheritance is already in place. The full benefits of the inheritance are being kept for individuals who are now shielded by God’s power (1:5).

The word shielded implies guarded or kept watch over. The term has military connotations and is in the present tense, indicating that Christians continually need and have this type of protection. There is a constant battle over the souls of every believer. God is on our side and is protecting us; our part is to live through faith. Faith in the keeping power of our Heavenly Father becomes the guarantee of our final victory.

Peter refers to this day as the coming of salvation, which introduces the third spiritual reality. While we are correct in testifying to our present salvation, it will only be final at the Day of Judgment. That salvation is now ready. All that is required to be accomplished has already been done. It is ready to be revealed; God will do the action. The coming of salvation is an eschatological event. Peter speaks of events in the last time. This term time means appointed time or proper time, and the term last in this sense means last of all.^[1]

By David A. Case and David W. Holdren