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"Salud" is a form of "salud", a noun which is often translated as "health". "Vida" is a noun which is often translated as "life". Learn more about the difference between "salud" and "vida" below.
la salud(
sah
-
lood
)A feminine noun is almost always used with feminine articles and adjectives (e.g., la mujer bonita, la luna llena).
1. (well-being)
An interjection is a short utterance that expresses emotion, hesitation, or protest (e.g., Wow!).
a. cheers 
Estamos aquí en celebración de su matrimonio. ¡A su salud!We are here to celebrate their marriage. Here's to you!
la vida(
bee
-
dah
)A feminine noun is almost always used with feminine articles and adjectives (e.g., la mujer bonita, la luna llena).
1. (existence)
a. life 
Quiero que mi vida esté llena de aventura y amor.I want my life to be filled with adventure and love.
2. (livelihood)
a. living 
Ellos se ganan la vida escribiendo un diccionario.They make a living writing a dictionary.
3. (vitality)
a. life 
Era una persona muy activa y siempre llena de vida.She was a very active person and always full of life.
4. (lifetime)
a. life span 
La vida de una mariposa puede ser de una semana.The life span of a butterfly can be one week.