Switching from Family to Individual

I am currently subscribed to YouTube Premium Family. I don't require the family subscription any more and intend to downgrade to individual. (The new pricing plan is almost double what I am currently paying. Ouch.) I understand that I need to deactivate my current account, then resubscribe. Is that correct? I assume that if I resubscribe with the same account I will keep all my music and subscriptions...