My first suit... What to do?

[Stingray1969]

This was my first ever suit, which my father bought for me over 20 years ago when I was ~18. This is how it fits me now:

I feel the style is maybe a bit outdated, especially the very thin lapels (they are 2 inches). I'm looking for advice, specifically:

1. Do you think it's worth investing in the suit or should I simply keep it as memorabilia?
2. If you think it makes sense to wear it, what alterations would you recommend?
3. Considering the very thin lapels, what kind of tie would you recommend?

As always, I'm open to feedback.

 

[Stingray1969]

I forgot to add: I haven't worn this suit in quite a while and yes, it defenitely needs to be ironed/pressed.

 

[suitedcboy]

Not bad at all. The pants need the leg shortened an inch or so. That much break or stack on shoes is not what is worn these days. 2 inch lapel is narrow for my tastes but you are slender and a slender tie would work is still current. The coat is short for my tastes but again is within current style. The pants have something going on at upper leg just below where coat ends. After pressing some things may go away or actually show up. The rear of coat across shoulders is a little loose but not so much if this is for dress casual if it ends up not fitting better in that area after pressing. I'm not sure it will be a stand out and make an impression as a job interview suit but casual wear with an expensive fashion T shirt or unbuttoned white dress shirt with a smaller collar would work well. You didn't say where you would or need to wear it.