If you've decided to update the software on your iPhone or other device, consider waiting until the initial rush of downloads has passed; this will allow you to avoid longer download times or installation fails. When you're ready to update, make sure you check out these tips on downloading and installing iOS 8:
Make sure your device is compatible.
iOS 8 is compatible with iPhone 4S and up, the iPad 2 and up, and the 5th-generation iPod and up.
Get your iPhone ready for the new OS
Delete old messages, unwanted photos, and unused apps. Make sure the rest of your apps are up to date.
Back up your device via iCloud or iTunes.
Apple has instructions HERE.
Go get that update!
Plug your phone in to a charger, make sure Wi-Fi is on, and then go to Settings>General>Software Update and follow the directions for updating iOS.
Or you can plug your device into your computer and complete the update via iTunes.
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