We are to set a Christian example to everyone by obeying those who are in charge, even if we don't agree with what they are doing. If someone accuses us of doing wrong and wants to punish us, we are to take the punishment. For just as Jesus took our sins away and paid our debt we are to take a debt that isn't ours.
In chapter 4 verse 8 Peter starts to summarize why we are to be submissive to others by saying "Above all, love each other deeply because love covers over a multitude of sins." We are to serve others as though we are serving God himself. As followers of Jesus Christ, we need to use our Gifts to faithfully Administrate God's grace to everyone. .
The final thoughts of this letter are directed toward the Elders and young men of the church. The whole letter has been directed toward Christians in a general sense except for this part and I think he saved it for last so that he could really be firm on what he had to say. It seems as though the younger men had not been submissive to the elders of the church and the elders were not respecting the younger men as they should have been doing. Peter addressed the both of them as a fellow elder and a witness to Christ's sufferings as though to say "if you guys think you have it tough then think again, you"re not the only ones." It seems as though both groups, the elders and the young men of the church, were acting immature. Peter reminds the elders that they were there to serve not because they had to but because they were willing and he tells the younger men of the church to humble themselves and to be self controlled and alert because "the devil is always on the prowl looking for someone to devour"(5:8). .
Peters final thoughts appear to start at vs.9 of chapter 5 when he said to stand strong in your faith because we know that Christians all over the world are suffering as well. He encourages the reader that God will restore us and make us strong very soon.