Salvation and Exaltation
Elder Russell M. Nelson: "To be saved—or to gain salvation—means to be saved from physical and spiritual death. Because of the Resurrection of Jesus Christ, all people will be resurrected and saved from physical death. People may also be saved from individual spiritual death through the Atonement of Jesus Christ, by their faith in Him, by living in obedience to the laws and ordinances of His gospel, and by serving Him.
"To be exalted—or to gain exaltation—refers to the highest state of happiness and glory in the celestial realm. These blessings can come to us after we leave this frail and mortal existence. The time to prepare for our eventual salvation and exaltation is now. ...
"This life is the time to prepare for salvation and exaltation. In God's eternal plan, salvation is an individual matter; exaltation is a family matter."
(From "Salvation and Exaltation," Ensign, May 2008, 7-10)