Luke 2:29 New English Translation

²⁹“Now, according to your word,^[a] Sovereign Lord,^[b] permit^[c] your servant^[d] to depart^[e] in peace.

Luke 2:29 sn The phrase according to your word again emphasizes that God will perform his promise.
Luke 2:29 tn The Greek word translated here by “Sovereign Lord” is δεσπότης (despotēs).
Luke 2:29 sn This short prophetic declaration is sometimes called the Nunc dimittis, which comes from the opening phrase of the saying in Latin, “now dismiss,” a fairly literal translation of the Greek verb ἀπολύεις (apolueis, “now release”) in this verse.
Luke 2:29 tn Here the Greek word δοῦλος (doulos, “slave”) has been translated “servant” since it acts almost as an honorific term for one specially chosen and appointed to carry out the Lord’s tasks.sn Undoubtedly the background for the concept of being the Lord’s slave or servant is to be found in the Old Testament scriptures. For a Jew this concept did not connote drudgery, but honor and privilege. It was used of national Israel at times (Isa 43:10), but was especially associated with famous OT personalities, including such great men as Moses (Josh 14:7), David (Ps 89:3; cf. 2 Sam 7:5, 8) and Elijah (2 Kgs 10:10); all these men were “servants (or slaves) of the Lord.”
Luke 2:29 tn Grk “now release your servant.”

New English Translation (NET)