The Collaborative International Dictionary of English v.0.48:

Welfare \Wel"fare`\, n. [Well + fare to go, to proceed, to
   happen.]
   Well-doing or well-being in any respect; the enjoyment of
   health and the common blessings of life; exemption from any
   evil or calamity; prosperity; happiness.
   [1913 Webster]

         How to study for the people's welfare.   --Shak.
   [1913 Webster]

         In whose deep eyes
         Men read the welfare of the times to come. --Emerson.
   [1913 Webster]

WordNet (r) 3.0 (2006):

welfare
    n 1: governmental provision of economic assistance to persons in
         need; "she lives on welfare" [syn: social welfare,
         welfare, public assistance]
    2: something that aids or promotes well-being; "for the benefit
       of all" [syn: benefit, welfare]
    3: a contented state of being happy and healthy and prosperous;
       "the town was finally on the upbeat after our recent
       troubles" [syn: wellbeing, well-being, welfare,
       upbeat, eudaemonia, eudaimonia] [ant: ill-being]