I think it's about a father singing to his son/daughter, asking for some care when he get old... The child needs him now but there will be a time he/she will grow up: "The time's gonna come when/You no longer need me/But stay by my side til the sun has gone down" and all he wants is protection when he become an old man. I mean the meaning it's obvious just look: "As much as I want to
I can't hold onto you/When will you return to your old home again/May love lie around you/Good fortune surround you/You know where to turn to when you need a friend" He telling him/her that as much as he wants to he can't keep him/her at home, and is going to miss him/her. And finally just like a father is always going to be there as a friend for his child who now is a man/woman.
I think it's about a father singing to his son/daughter, asking for some care when he get old... The child needs him now but there will be a time he/she will grow up: "The time's gonna come when/You no longer need me/But stay by my side til the sun has gone down" and all he wants is protection when he become an old man. I mean the meaning it's obvious just look: "As much as I want to I can't hold onto you/When will you return to your old home again/May love lie around you/Good fortune surround you/You know where to turn to when you need a friend" He telling him/her that as much as he wants to he can't keep him/her at home, and is going to miss him/her. And finally just like a father is always going to be there as a friend for his child who now is a man/woman.