In this video, Spoon Graphics walks through a step-by-step tutorial of creating a retro text effect in Adobe Photoshop. Using a mix of layer styles and some clever Photoshop techniques, you can non-destructively create the effect, meaning the original type element can still be updated to change the wording.
Chris Spooner of Spoon Graphics offers several Adobe Photoshop and Adobe Illustrator tutorials on his YouTube channel, helping designers create stunning artwork.