Photoshop Elements Upgrade

I'm currently using Elements 7.0 and am going to updrade to Elements 2021.  Is there anything special that needs to be done?  Will it automatically pick up the Keyword Tags, for example?  Will I need to back up the files before loading the new version and reloading them?  

I would appreciate any insight/help.  As you can see I've been usng the old version for a long time....