As stated on our site and the JED, you get free updates for one year. Login, go to My Orders, then you'll find a download link if your order is active. In the new package, you'll find a readme file with upgrade instructions.
If your license is expired, you'll need to make a new purchase to gain another year of updates and support.
You won't lose current events, settings, records, etc. Just follow the upgrade instructions in the readme file found in the new package and you'll be set.