Yes, a renewal is easier. Most places treat an expired passport like a non-existant one, meaning you would have to re-apply for a passport, showing birth certs., i.d.'s, (even police notaries) etc. Renew it while you can, just like a drivers license.
I would keep hold of the visa if I were you. If you ever need another it is your proof that you were once accepted as a visa applicant. Records have a way of going missing and this would be a good reference. Sometimes (especially back in the 90's), records were destroyed as a matter of routine. Of course, it won't stop you having to re-apply for another visa if you ever wanted one but it's a good "voucher". One of the questions on the application would be whether you were ever issued a visa before and this document is the proof that you were. Keep it.
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Still I feel like a child when I look at the moon, maybe I grew up a little too soon...
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