Will updating iOS eat up my storage permanently? :(

I

iMore Question

I just got an iphone 4 (8 GB) and it wants me to update to IOS 7. I know, I'm way behind the times. It keeps saying that I don't have enough storage to update iOS 7 but my concern is what happens to those 4 GB of storage after I update iOS7. If I delete enough stuff to update my iPhone will I be able to re-install everything I deleted to get the update?
 

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