“is joy.” The absent Hebrew verb would normally be supplied by “is,” and the primary meaning of the verse is that the righteous person hopes for the great joy God promises in the next life because this life can be so challenging (Isa. 35:10; 51:3; 60:15; 61:7; 65:17-19; Jer. 30:19; 31:12-14). However, since the verb is supplied, a secondary meaning is that “the hope of the righteous brings them joy.”
“will perish.” The wicked and all their hopes and dreams will end with annihilation in the Lake of Fire.
[For more on the annihilation of the wicked, see Appendix 4: “Annihilation in the Lake of Fire.]