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Keep them till they break. You can acceptably throw away underwear that needs extensive repairs.
I love my 10 year old Calvin Kleins. I'll break down the day they're gone.
 
What should I do with old underwear? I hate throwing stuff away. I don't want to make anything out of it either.

Yeah I know it's underwear, but they are obviously clean and everything. So idk is there some sort of charity that takes used, serviceable underwear to give to people somewhere?

*inb4 jokes*

They make great furniture polishing rags.

SORRY!

Just watch out for streaks ;)
 
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