iCloud back up on my iPhone 5... not enough space

I

iMore Question

I just got a new phone because I dropped mine in the water and I can't back it up because it says I don't have enough storage space. When I click on "manage storage" I have several backups for my iphone dating back to the beginning of 2013. Do I need to keep all the previous back ups or can I delete them so I can have storage to back up my phone now?
 

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