Bought retail should I uninstall existing or enter code

Okay so I really cannot remember this. But 'hypothethically" lets say:

In 2014 I bought a retail disc that probably still said Norton Internet Security

In 2015 I think I bought it off Symantec which was called Norton Security

In 2016 I bought retail disc

 

So...in the past the engines would be upgraded/different amongst each version. Last I heard it was supposed to be automatic now? That what was available 'engine/features wise' on September 2015 is gonna be the exact same thing that I bought today January 27th 2016??

 

And if thats the case then I can just easily enter my Product Key and blam I'm done, no further installation; enter key and I'm set for 365 days. Or should I keep my practice in that every year that rolls around I should always uninstall previous version and install a new version? Thank you