Never, under any circumstances, take an OTA update. Once you take an upgrade to Lollipop, you're stuck with it forever. If you instead root KK and flash a safe Lollipop ROM that doesn't update the bootloader past BOD5, you can still downgrade to KK easily.
It's easier to stick with what you have, root it, and then flash a rooted Lollipop ROM. Lollipop is now rootable, but the root process is a little hit-or-miss. Rooting KK is painless.
I had success using this KK root method:
http://forum.xda-developers.com/showthread.php?t=2784880
CAUTION: The BOD5 bootloader is the last one that will allow you to downgrade back to KK. If you ever flash anything that has a BOE1, BOG5, or BOK3 bootloader, you can never go back.
You won't use these for the KK root process, but you'll need them later so save them: you want to ONLY flash these latest safe kernels and/or firmwares by jrkruse:
http://forum.xda-developers.com/showpost.php?p=64744448&postcount=2