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how to handle past iterations

4.0.6
Change Management
How are we to handle "past iterations"? The iteration is over, but still appears as selectable for Planned-For. What is the best practice to handle this? For example...
--2013
----2013_November
----2013_December
--2014
----2014_January
----2014_February
Should you "archive" 2013 and 2013_* in Manage Project Area? No one should be submitting anything to the past... Will we be missing out on some data? Is "archived" almost the same as delete?
thanks
Change Management
How are we to handle "past iterations"? The iteration is over, but still appears as selectable for Planned-For. What is the best practice to handle this? For example...
--2013
----2013_November
----2013_December
--2014
----2014_January
----2014_February
Should you "archive" 2013 and 2013_* in Manage Project Area? No one should be submitting anything to the past... Will we be missing out on some data? Is "archived" almost the same as delete?
thanks