When he finished competitive sailing, Wells became a representative of the Auckland Yachting Association for many years, also becoming chairman for three years.
In 1990, Wells and Pederson were inducted into the New Zealand Sports Hall of Fame.
Wells was the husband of Jean of 55 years until her passing in 2019, and father to Leanne and John Howard. He had three grandchildren and one great grandchild.
"Life is not always plain sailing, life has been a series of tacks and running with the wind. But now he's crossed the finish line for the final time, where Jean is waiting for him," a family statement said.
Before the 2020 Tokyo Olympics this year, Wells spoke to the Herald about his triumph in 1964.