fold -s is the shortest, best answer to your question.
However, as good as those one-purpose tools are in some cases, in general, you should have your editor do this.
In Emacs, you could tweak this anyway you'd like. As for me, I use visual-line-mode (shows up as a Wrap minor mode in the mode line) because in the general case, I don't want line breaks anywhere else than at the end of paragraphs.
I thought I'd tell the way I do it. It is not "the" way, but it is one way; as I mention the functions and variables, your way is to put them together and automatize them to make them work for you. (This is Emacs, but for any sufficiently advanced editor, a similar post could be written.)
I said I have the lines visually wrapped when I type, and never break them manually. As always, there are exceptions: for example, GNUS won't send posts to Usenet with lines beyond a certain width (in characters). So, then I use M-q. In Emacs, M-q runs the command fill-paragraph. The variable fill-column controls the width for filling. As an example, if I write this (on a single line)
This is a lot of text being written right now. The purpose is to overflow the line so I have have to line break it with M-q.
and then use M-q, I get
This is a lot of text being written right now. The purpose is to overflow the line so I have have to line break it with M-q.
With justify-current-line (twice as two lines), you get
This is a lot of text being written right now. The purpose is to overflow the line so I have have to line break it with M-q.
But, I've found that people seldom use monospace fonts to view things, so it didn't make much sense using it (apart for my own viewing pleasure). If you like it, you could tweak fill-paragraph to fill and justify at the same time. You could also have Emacs do this for you, always, as you type: auto-fill-mode. (I found that stressful, but that's me.)
This may seem like a lot of work, and it is; but once you're done (with this and 1000 other things) you can really enjoy working with the tools behaving precisely as you like them to.