The apostle Peter tells the listening Jews on Pentecost, Acts 2:16-17 (KJV) 16 “But this is that which was spoken by the prophet Joel; 17 And it shall come to pass in the last days, saith God, I will pour out of my Spirit upon all flesh: and your sons and your daughters shall prophesy, and your young men shall see visions, and your old men shall dream dreams:” What was occurring in Acts chapter 2 was the beginning of the last days. We read in Hebrews 1:1-2 (KJV) 1 “God, who at sundry times and in divers manners spake in time past unto the fathers by the prophets, 2 Hath in these last days spoken unto us by his Son, whom he hath appointed heir of all things, by whom also he made the worlds;” The point is this: We are living in the last days or the last dispensation of time. The phrase “last days does not refer to the time of a “1,000 year physical kingdom” as taught by some today.
The first dispensation was the "Patriarchal" dispensation, which was from Adam to Moses’ generation, and lasted about 3500 years. The second dispensation of time was the "Mosaical" dispensation, which began when Moses was given the Law. The Mosaical dispensation lasted until the death of Christ, and lasted about 1500 years. We are now living in the last dispensation “(the last days”) or the "Christian" dispensation, which started on the day of Pentecost and will last until the end of time. The "Christian" dispensation has lasted about 2,000 years. There will be no more dispensations. No one knows how long the "Christian" dispensation will last. It could end today or it could last for another few thousand years. Man does not know when the end will come, but only God knows that day. Jesus says in Mark 13:31-32 (KJV) 31 Heaven and earth shall pass away: but my words shall not pass away. 32 But of that day and that hour knoweth no man, no, not the angels which are in heaven, neither the Son, but the Father. When this dispensation does end, 2 Thessalonians 1:7-9 (KJV) 7 “And to you who are troubled rest with us, when the Lord Jesus shall be revealed from heaven with his mighty angels, 8 In flaming fire taking vengeance on them that know not God, and that obey not the gospel of our Lord Jesus Christ: 9 Who shall be punished with everlasting destruction from the presence of the Lord, and from the glory of his power;” At the end of the last days the Judgment will occur when Christ appears(2 Timothy 4:1). No one knows when the Lord will come back because he will come as a thief in the night (1 Thes 5:2). Yet, we do know that when he comes back the earth will be burned up and there will not be a literal kingdom set up as taught by many religious groups today (2 Peter 3:10-12).