It's the last time, it's the last chance

It's a fond farewell to a golden age
And it's hard to tell until it's gone away
It's a long goodbye to carefree life
It's the last chance to get out of line
What's going on here?

It's the end of an era
It's a precious moment
And the moment's gonna last
It's gonna last all night
It's a bachelor party, gonna pull out the plugs