In the old days, 140F was the recommended setting. NOT ANYMORE.....There is a risk of serious burns if you keep the setting at 140F. It should be turned down.
Today, Scalding and safety is more of an issue. Most manufacturers suggest 120F. Some even as low as 110F, but many people will start to have a problem getting a hot enough shower with that low a setting.
I keep mine at 120F. It is fine for all our needs. Plus, I feel better with the low setting especially since I have kids.