"Praise the God and Father of our Lord Jesus Christ. According to His great mercy, He has given us a new birth into a living hope through the resurrection of Jesus Christ from the dead and into an inheritance that is imperishable, uncorrupted, and unfading, kept in heaven for you. You are being protected by God's power through faith for a salvation that is ready to be revealed in the last time."
We often talk about being "born again" as meaning saved from a sinful way of life to a life of righteousness in Christ. Certainly, salvation encompasses redemption from sinfulness, but that's not the the whole story.
Peter reminds us in these verses of an integral aspect to our salvation--resurrection to eternal life. Peter says that we are "born again" to inherit eternal life.
When we are "born again" we have a living, vital hope for resurrection to eternal life because of the resurrection of Jesus. (If Jesus was resurrected, then so will we who are His followers and believe in Him.)
Peter says that God stands behind this inheritance of eternal life and our faith in God assures our resurrection to eternal life because God is standing guard over this promise until the day it happens at the second coming of Christ.
So when we are born again we receive from God through Christ a present salvation that is the redemption from sin and a future salvation that is resurrection to eternal life.
