Songfacts®:

• When Walsh sang "Life's Been Good," in 1978, he was viewing it through the base of a bottle. Since then he has cleaned up his act and this song serves as a sequel, though he admitted to Billboard magazine that he, "didn't really plan it that way."
• Walsh penned the cut with Tommy Lee James. It was the late Barbara Orbison who hooked Walsh up with the Nashville songwriter. He explained to Billboard magazine: "Barbara Orbison, Roy Orbison's wife, took care of his publishing and had an office in Nashville where a bunch of writers worked. A lot of what comes out of Nashville is because of this group of people. Barbara Orbison sent a guy named Tommy Lee James out to Los Angeles to work with me, and he brought the beginnings of 'Lucky That Way,' which I immediately loved. So we co-wrote it, and we went ahead and wrote three other songs on the album."
• Walsh is married to Marjorie Bach, the sister of Ringo Starr's wife Barbara Bach. This song features his ex Beatle brother-in-law on drums.