The Lord’s servant pronounces the present and future blessedness of the fearers of the Lord 

This is closely related to the preceding psalm, and may be taken in a literal or spiritual sense. Labour in both spheres will be productive. A God-fearing man will know blessings, both in his home and in the house of God. Likewise, the Lord Jesus Christ, as Son over His house, shall see of His works and travail of soul. His bride, the church, will be as a fruitful vine. His vast progeny will sit at His table, and be fat and flourishing. 

The last verse can be a temporal blessing that many grandparents enjoy, but it certainly shall be true of Christ. He shall see His seed, and as Prince of Peace, see peace upon His family.

Psalm 128

 1  Blessed is each one that fears the Lord,
       and walketh in his ways;
 2  For of thy labour thou shalt eat,
       and happy be always.

 3  Thy wife shall as a fruitful vine
       by thy house' sides be found:
    Thy children like to olive-plants
        about thy table round.

 4  Behold, the man that fears the Lord,
       thus blessed shall he be.
 5  The Lord shall out of Zion give
       his blessing unto thee:

    Thou shalt Jerus'lem's good behold
       whilst thou on earth dost dwell.
 6  Thou shalt thy children's children see,
       and peace on Israel.

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