I want to update the version of WordPress that I use to a higher one in order to install some new plugins that require a better version.
Will this affect my SEO?
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As long as the upgrade goes smoothly, things should be fine. WordPress is good about keeping your content between upgrades.
I've occasionally seen plugins break during upgrades. This can have some negative consequences. One of my WordPress sites had a calendar plugin that I couldn't get working again after the upgrade. This caused all of its URLs to 404 and fall out of the search engine indexes.
In general, it is a good idea to keep WordPress up to date. Old versions have known security holes and are targeted by hackers. I upgrade WordPress frequently and don't typically worry about SEO when I do so.
A WordPress version defines the core files updated. A different version of WordPress will have different bug improvements. A later version means a more stable and more secure version of WordPress. Currently WordPress has been updated to 4.1.2.
SEO is dependent on the keyword density of your content. A keyword is output from the type of content that you are displaying on your page or post. WordPress does not play any role in displaying your content and hence does not play any role in SEO.
However, an older version means that your site can be hacked easily. When a site is hacked, all the Search Engine Page Rankings (SERPs) will get affected which may affect your SEO.