This song was written by Elton John in collaboration with his regular lyricist Bernie Taupin, and also with long-standing colleague, guitarist Davey Johnstone.
Taupin wrote the lyrics as a love letter to his wife at the time Toni Russo. According to songfacts.com, Taupin said about the song, “Basically, it's a letter home with a small tip included about making the most of time, not wishing it away just because you can't be with the one you love. Time is precious; read books, paint a picture, bake a cake. Just don't wallow”.
Interestingly, he has also expressed his regret for writing the line ‘loving you more than life itself’. Taupin said “I loathe giving songwriting advice, but were I pushed, I'd say, 'Never say you love someone more than life or that you'd die for someone in a song’.
It was on the album Too Low For Zero, the first album in almost a decade where John and Taupin exclusively collaborated with each other. This song was a big hit, reaching #4 on the USA Billboard Top 100.
One fun fact about the song is that it features none other than Stevie Wonder on harmonica.