Upgrading to 12. What do I need to do?

[12stepcornelius]

It's been a while since I upgraded, but I recently updated my Mac to El Capitan and my PT 10.3.9 is now defunct and useless unfortunately. So it's been 4 years as well since I did anything like an upgrade for Pro Tools, the last being an LE to 10 crossgrade. With subscriptions to software now a thing, would you recommend I just do the monthly 24.99 subscription or the annual? I'm serious about music and was in the middle of an album I've been recording but the fact that I can't access the songs now, with other projects in mind, has me thinking its time to step up, bite the financial bullet and get 12. I currently run on an Mbox 2. Will I need to get a 3 or will 2 work fine? Also, will I need an iLock 2 or will my Mbox 2 Factory iLock I still use be OK? Give me a run down of what needs to be done to upgrade correctly if you please!

I'm currently running a mid 2012 Macbook Pro with 8 GB of memory on El Capitan version 10.11.3