This is a superscription that tells about the psalm. Some scholars say that this is part of the scripture and some say that it is not. (See "What are Superscriptions in Psalms" in [Introduction to Psalms](../front/intro.md).)
The phrase "lift up my life" is a metaphor. Possible meanings are 1) the writer is giving himself to Yahweh, which means he is completely depending on Yahweh. Alternate translation: "I give myself to you" or 2) he is offering prayer and adoration to Yahweh. Alternate translation: "I worship and adore you" (See: [[rc://en/ta/man/jit/figs-metaphor]])