Add the flag c (in the vim command prompt):
:%s/old/new/gc
will give you a yes/no prompt at each occurrence of ‘old’.

Vim’s built-in help offers useful info on the options available once substitution with confirmation has been selected. Use:
:h :s
Then scroll to section on confirm options. Screenshot below:
![Text that says "[C] Confirm each substitution. [...] CTRL-Y to scroll the screen down"](https://i.stack.imgur.com/hQBJ4.gif)
For instance, to substitute this and all remaining matches, use a.