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Jun 25th 2012!⃝The song obviously seems to be about an older couple reminiscing about their relationship.
I really do believe that a lot, if not most, of the inspiration from this song came from lead singer Nate Ruess's own parents, especially in the part talking about the narrator's two children.
The song talks about a daughter and a son, which is the same as Ruess's family, and moving to Arizona, which happened when Ruess was a young boy.
I love this song. It's wonderful.