Spoiler: Bungie is going to split your characters in two.
"Our goal is always to bring every player from this awesome community along for the ride as we continue the story of Destiny, but we will also continue to support players who elect not to upgrade their console hardware. To accompany the reveal of Rise of Iron, the Destiny Player Support team has published a suite of information to guide those players. Up to this point, player progression between current and Legacy Consoles in the same family has been shared by each account. This summer, that experience will fork onto two separate paths that will no longer share progression," reads a description from Bungie.
And that's not all.
Bungie will also be limiting what players on legacy consoles can do, which includes some planned Destiny events and new content as well as the ability to purchase silver (Destiny's in-game currency), buy Eververse items (what you use silver for), and access some elements of Destiny through companion apps for your smartphone or tablet.
The weekly Destiny events leaving these legacy gamers include the Trials of Osiris, Iron Banner, and all future Live events (special one-off events Bungie creates for a limited time period). Additionally, daily events for those playing on these consoles might differ from those offered to Xbox One and PlayStation 4 gamers.
Bungie is giving gamers the option to upgrade their accounts out of legacy status, but they can only move their Destiny characters within a console family—as in, from the PlayStation 3 to the PlayStation 4, or the Xbox 360 to the Xbox One.
"Players wishing to upgrade from a Legacy Console to a PlayStation 4 or Xbox One console may need to re-purchase the previous Destiny game or expansions to access Destiny content from the Destiny game or expansions,"