1. A song of ascents. Fortunate is every man who fears the Lord, who walks in His ways.
2. When you eat of the labor of your hands, you will be happy, and you will have goodness.
3. Your wife will be like a fruitful vine in the inner chambers of your house; your children will be like olive saplings around your table.
4. Behold, so will be blessed the man who fears the Lord.
5. May the Lord bless you out of Zion, and may you see the goodness of Jerusalem all the days of your life.

Tehillim Ohel Yoseph Yitzchok (Kehot Publication Society)

Tehillim is recited by Jewish people collectively and individually, as the desire occurs to offer praise and thanksgiving to G-d; or alternitavely, in times of crisis and need, as a form of supplication, and even as a venue to express regret for sin.

6. And may you see children [born] to your children; peace upon Israel.