"Old Friends" paints a poignant picture of two elderly men reflecting on their youth, sitting together "on a park bench like bookends." The song imagines them as younger selves, contemplating the strangeness of nearing the end of their lives. It delves into themes of loss and the fleeting nature of memories and shared time, especially as it segues into its companion piece, "Bookends Theme (Reprise)." The musical arrangement builds from an acoustic, soft mood to a turbulent orchestral crescendo, hinting at a dramatic turn, possibly even a medical emergency or death. Playing this song channels a deep sense of nostalgia, contemplation, and the bittersweet passage of time.