Will PS continue to work after 1 year if I pay the full year subscription cost and do not renew? E.G. Do I own the version of the software I purchased if I elect not to renew my subscription?

The newer subscription policy has me skeptical.  Is there still an option to buy the latest version of PS that I will own regardless of what I choose to do regarding renewing my subscription?  From what I have read, the software will continue to work as long as you keep paying the subscription,  which seems a large and very open ended stipulation to be able to access the software at any given time.  I may not use it for months,  but need to know I have access to it if needed even if I chose not to continue past the 1 yr subscription fee.  In this economy, I cannot be the only one asking this question,  but I am not seeing relative questions / answers anywhere.

No.  You must subscribe to the Creative Cloud in order to get the Photoshop with the latest features.
When considering this, imagine that the term "Perpetual" is a bit of a misnomer.  How long will you really be able to use it?
While I can still run my copy of Photoshop 6.0 on Windows 8.1, it's possible because I'm a computer geek.  Many folks can't get the older versions to install properly.  And it's even worse on Macintosh system.  I don't think anyone can run anything older than what, CS3 or CS4? on a modern Mac.
Focus on this:  If you've been buying the upgrades each new release for $199 (about every 18 months), something like the Photographer's bundle at a hair under $10 a month is actually a better deal.  You get more software (including Lightroom) and more capable software (Photoshop Extended used to actually be $399 to upgrade).
-Noel

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