Given the right context, the following versions all work:
A: "I had a bit of health scare recently. Thankfully it turned out I didn't have lung cancer after all".
B: "That's great news -- I hope you live for many years".
"That's great news -- I hope you will live for many years".
"That's great news -- I hope you live many years".
"That's great news -- I hope you will live many years".
As the examples given above show, when a statement expresses a wish that something will happen in the future, the inclusion of will is optional because it is implied in the wish. For is also optional, for the same reason.
But note that the subject/verb number agreement may need to be adjusted. Compare:
1) "I hope you live [for] many years". [No adjustment necessary -- the verb form for the present indicative of live is the same as the infinitive for both singular you and plural you.]
2a) "I hope he lives [for] many years".
2b) "I hope he will live [for] many years". [Adjustment needed -- the present indicative verb form for the second person singular adds -s to the infinitive (lives versus live).]