The music, lyrics and arrangement are great! The song is varied enough to be interesting throughout. The transition at 02:17 is a bit abrupt, but other then that the progression is excellent.
You nailed the old school sound and the production is good overall. I have some slight issues with the mix, though. It feels a bit as if the vocals are competing with the other instruments in some parts, especially in sections with harmonies. Maybe you could try to make a little more room for the vocals in the frequency domain when EQ:ing the other instruments. I also think that the song is a bit treble-heavy.
Nitpick: There is some high frequency noise in the recording early in the bridge section after 02:17.
Great work, keep it up!