I am eligible for a upgrade in either May or June 2013 with Verizon Wireless.
I have the iPhone 4, and in 2013 I will definitely need a newer version of the iPhone. Do to the growth of 4G Technology. However, Apple doesn't set a release date for its products in advance.
So I am trying to understand upgrading under these circumstances.

I have a few questions, as this is the first time I have been under contract.

How long does the upgrade period last, once I become eligible?
Do they take your old device and replace it with the new?
Is the phone offered at a retail price, (2 year) discounted price or free at the time of upgrading?
When the 2 year agreement ends, what comes next?

1. Your upgrade will never expire.
2. You buy the new phone at the upgrade/new contract price, & keep the old phone.
3. When you upgrade, you get the new/upgrade price.
4. After you 2 year contract ends, you go to a month to month until you upgrade or leave...