Safety wise is there something that should be done for an old stereo like this for fire prevention purposes?

I bought the above stereo hi-fi at an estate sale. It works as far as the speakers, radio, and turntable are concerned. Good sound on the radio! The wires are not attached to the needle on the phono arm, but the needle is there. The wires only reach about half-way up the arm. There are 4 wires, and ...