Yep, it’s that time of the year! Get ready for the new iPhone 5 rumor roundup.

Apple will hold an official event Sept. 12 to unveil the latest iPhone, so that gives us just enough time to speculate.

The phone will be thinner, according to leaked information and anonymous informants, but the screen will also be larger. Hopefully we won’t need longer pockets.

Thanks to the new nano-SIM card technology, Apple will finally have more room to incorporate a larger battery, which probably means more Angry Birds in class. (Sorry, Towson professors.)

The iPhone 5 is rumored to run on 4G LTE and iOS 6, which will increase data speed and make it more competitive with other phones.

It is speculated that the new phone will include a new processor that runs at around 1.2-1.5 GHz, a much better camera with 3D imaging, and the iCloud service that lets you free up your phone by creating storage you can access wirelessly.

Unfortunately, all these improvements may make the iPhone 5 significantly more expensive than previous iPhones.

On top of that, prototypes suggest that the new phone will have a smaller connection port that will not be compatible with any of the old iHomes or other accessories.

That’s right, they’re pulling a Nintendo. You’ll have to buy a whole new line of products.

However, if you’re not a gadget guru who needs the latest technology five days before it comes out, you’re in luck.

Walmart, Sprint, Best Buy and other suppliers are lowering their prices on the iPhone 4S in anticipation of the Sept. 12 reveal.

If you’re planning on trading in your old iPhone for the iPhone 5, now would be the time. Some carriers offer a price-lock contract that prevents your phone from losing value as it gets closer to launch.

So what do you think? Will you be getting the iPhone 5?