I think that this song is about a woman who has had a baby young, and about how she and the father have a hard life because they were ill prepared, but then I think the last verse is her as an old woman (based on the fact that Elvis seems to be grown) and she realises that the hard parts were the best times of her life, and now she's past it all, and the father has died (I think) she just wants to relive all those apparent hard times.
I think that this song is about a woman who has had a baby young, and about how she and the father have a hard life because they were ill prepared, but then I think the last verse is her as an old woman (based on the fact that Elvis seems to be grown) and she realises that the hard parts were the best times of her life, and now she's past it all, and the father has died (I think) she just wants to relive all those apparent hard times.