Is there a way to keep the apps on my Ipod after upgrading to IOS 5?

I plugged my Ipod touch (4th generation) into my mac and itunes prompted me to upgrade to IOS 5 (which I would like to do).  However, it says that I'll lose all my apps...
Is there are way to restore these apps after the IOS 5 has been downloaded/installed?  I don't want to go ahead with this process if I have to buy all the apps (with all the information I've stored in them) again!
thanks in advance for the help!

- Transfer the app to the computer by:
iTunes Store: Transferring purchases from your iPhone, iPad, or iPod to a computer
- Connect the iPod to the computer and make a backup by right-clicking on the iPod under Devices in iTunes and selecting Back Up.
- Restore the iPod from that backup. That should also update the iPod.

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