Should I upgrade from Office 2007 on security grounds?

With all the threats that are out there these days and warnings about using outdated software I wonder whether I should uninstall Office 2007 (Home & Student) and install the latest version Office 2016 (Home and Student) I prefer to buy the software outright rather than pay a subscription

I assume 2016 will access my files, the templates I have created in Word and Excel and be able to open those files that I have password protected in Office 2007

If I decide to buy 2016 should I uninstall 2007 before installing?
And
Does the installation of 2016 allow users to choose to only install Word and Excel as these are the only programmes I use. Its a shame that its more expensive to buy them on their own rather than bundled in the Office Suite.

What are your thoughts and advice?

Office 2007 still has nearly 2 years of life left, so you may as well keep using it until then. Microsoft will keep providing updates & security improvements until then.
You can refer to this MS website for more info on the end of life details for Office 2007.
Also check to see whether you have all the necessary Service Packs as well, if you have not kept up to date with those, then it looks like it's too late to get the now.

https://support.microsoft.com/en-us/lifecycle?p1=8753

Thanks for putting my mind at rest Ranger4 am hoping that the service packs have been installed as part of Windows Update, which is set to do this sort of thing automatically. Ah, I see the date now, had only noticed that mainstream support ended in 2012, that's why I was getting anxious.

Glad I could help & thanks for getting back.