“Master.” The Greek is despotēs (#1203 δεσπότης) meaning master or lord, and it refers to someone who has legal control and authority over others, such as subjects or slaves (cp. 1 Tim. 6:1; Titus 2:9). Thayer points out that it was “strictly the correlative of “slave” doulos, and hence denoted absolute ownership and uncontrolled power” (Thayer’s Greek-English Lexicon). It also refers to someone who controls a thing, hence, an “owner.” It is used both as a title for God (Luke 2:29; Acts 4:24), and a title for Jesus Christ (2 Pet. 2:1; Jude 1:4). Whereas despotēs denoted absolute power and control, kurios, “lord,” has a more general meaning applicable to the various relationships in life, which is why we see kurios used even as a term of address equivalent to our polite way of addressing strangers as “Sir” (cp. KJV Matt. 13:27; John 4:11; John 5:7; etc.).
“according to your word.” The word spoken of in Luke 2:26, that he would not see death until he had seen the messiah.