The last character is the traditional Chinese form of 楽, while the first two are used in Japanese. This form of the character is only used in Hong Kong or Taiwan.
While the meaning is more or less accurate, these concepts are usually expressed as compounds of more than one kanji, like 恋愛、平和、although these words are more specific and nuanced than the English words that can be interpreted broadly.
楽 does exist in 福楽 (happiness and comfort) but otherwise is more like enjoyment 音楽 (sound enjoyment: music). 幸福 (happiness, blessedness) and 福寿 (long life and happiness) would probably be more appropriate.
Tattoos are personal things and not everyone is very concerned with how it will be received by others, so do what you will with this information... but as someone who once wanted this kind of tattoo, I'm particularly relieved now that I've studied the language and culture that I didn't follow through with it. There's a lot that could go wrong when getting a kanji tattoo, even if they nail it. I would strongly urge you to seek out a quality tattoo artist and focus more on their art work to convey your meaning and symbolism than mere words.