"What is the meaning of life?" It's one of those enormous questions that's so important -- both philosophically and practically, in terms of how you live our lives -- and yet you rarely, if ever, stop to really think about the answer.

Given that you might be able to formulate your response in less than a minute, the wisdom-to-effort ratio for this philosophical exercise could not be more advantageous.

And having an answer may even improve your health and help you live longer, CNN says.

A new study published Tuesday, December 10 in the Journal of Clinical Psychiatry examined the relationship between your physical and mental well-being and the search for, or presence of, purpose in life.

After studying 1,300 subjects from ages 21 to more than 100, the authors found that older people were more likely to have found their life's purpose, while younger people were more likely still searching. That's logical, given that wisdom is often born from experience. According to research by Stanford education professor William Damon, the author of "The Path to Purpose," only 20% of young adults have a fully realized sense of their life's meaning.

And according to the new study, the presence of meaning in one's life showed a positive correlation to one's health, including improved cognitive function, while searching for it may have a slight negative effect. Mental and physical well-being was self-reported, and having a sense of purpose tended to peak around age 60, the study found.