O Allah, I ask You for well-being in this world and the Hereafter

Authentic

عَنِ ابنِ عُمَرَ رضي الله عنهما قَالَ: لَمْ يَكُنْ رَسُولُ اللَّهِ صَلَّى اللهُ عَلَيْهِ وَسَلَّمَ يَدَعُ هَؤُلَاءِ الدَّعَوَاتِ، حِينَ يُمْسِي وَحِينَ يُصْبِحُ: «اللَّهُمَّ إِنِّي أَسْأَلُكَ الْعَافِيَةَ فِي الدُّنْيَا وَالْآخِرَةِ، اللَّهُمَّ إِنِّي أَسْأَلُكَ الْعَفْوَ وَالْعَافِيَةَ فِي دِينِي وَدُنْيَايَ وَأَهْلِي وَمَالِي، اللَّهُمَّ اسْتُرْ عَوْرَتِي -أَو: عَوْرَاتِي- وَآمِنْ رَوْعَاتِي، اللَّهُمَّ احْفَظْنِي مِنْ بَيْنِ يَدَيَّ، وَمِنْ خَلْفِي، وَعَنْ يَمِينِي، وَعَنْ شِمَالِي، وَمِنْ فَوْقِي، وَأَعُوذُ بِعَظَمَتِكَ أَنْ أُغْتَالَ مِنْ تَحْتِي».

Ibn ‘Umar (may Allah be pleased with him and his father) reported: The Messenger of Allah (may Allah's peace and blessings be upon him) never abandoned these supplications in the evening and the morning: "O Allah, I ask You for well-being in this world and the Hereafter. O Allah, I ask You for pardon and well-being in my religion, my worldly life, my family, and my wealth. O Allah, conceal my imperfection—or my imperfections—and secure my fears. O Allah, protect me from before me, from behind me, from my right, from my left, and from above me, and I seek refuge with Your greatness from being suddenly killed from beneath me."

Explanation

The Prophet (may Allah's peace and blessings be upon him) never abandoned these supplications in the evening and the morning: (O Allah, I ask You for well-being) and freedom from diseases, misfortunes, worldly adversities, desires, and religious trials (in this world and the Hereafter), i.e., in this life and the next. (O Allah, I ask You for pardon) and the elimination and forgiveness of sins (and well-being) and freedom from defects (in my religion), namely Shirk (polytheism), religious innovations, and sins; (my worldly life), namely calamities, harm, and evils; (my family) my wives, children, and relatives; (and my wealth) and my properties and my work. (O Allah, conceal my imperfections) and my defects, flaws, and negligence and erase my sins (secure my fears), my dread, and my terror. (O Allah, protect me) and ward off distress and whatever is harmful away from me (from before me, from behind me, from my right, from my left, and from above me), asking Allah to protect him from all directions since adversities and misfortunes can affect and approach man only from one of these directions. (and I seek refuge with Your greatness from being suddenly killed) and unexpectedly taken and destroyed (from beneath me) by being swallowed up by the earth.

Benefits

Reciting these words regularly in pursuit of the Prophet's example.
Man is commanded to ask Allah for well-being in this world just as he is commanded to ask Him for well-being in the religion.
At-Tībi said: He mentioned all of the six directions because calamities come therefrom, and he stressed the direction from underneath given the atrociousness of the calamity coming therefrom.
What is preferable in reciting the Adhkār (regular supplications) in the morning: from the break of dawn until sunrise in the early morning, and from the time after ‘Asr (afternoon) until just before sunset. If one happens to say them after such times, i.e., in the morning after the rise of Duha (forenoon), it will be sufficient for him, and if he says them after Zhuhr, it will be sufficient for him, and if he says them after Maghrib, it will be sufficient for him, as this is a time for making Dhikr.
That which is proven by evidence to be recited at a specific time at night, such as reciting the last two verses of Surat al-Baqarah, can be recited after sunset.

Source · Narrated by Abu Dāwūd, An-Nasā’i, Ibn Mājah, and Ahmad

From the Hadith Encyclopedia (hadeethenc.com).