What does having an upgrade at retail price mean?

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Windows Central Question

I've lost my phone, since I'm still on my family's plan, I called home. I was told, after they checked with Verizon that, there are two available upgrades at retail price. What does that mean?
 

Polychrome

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It is worth considering that there are sometimes discounts on your *service* for paying full retail, either in a payment plan or all at once. So you might end up paying $600 for the phone, but then your monthly service may go down in price. What plan are you currently on?
 

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