Do I need individual connections to +5 V for this circuit?
The schematic is drawn that way to avoid crossing wires and improve clarity. All 5 V pins will be fed from the same power supply.

When digital chips change output state (low to high or high to low) there is often a sudden very short spkike in current demand. For this instant resistance and inductance of the PCB or wiring can cause a drop in voltage to the chip and this can cause intermittent or incorrect operation. To solve this we add a small decoupling capacitor - typically 100 nF - as close to between the chip V+ and GND as we can. This supplies the current for that instant.

The problem becomes more severe at high clock speeds. For your application it may not matter but always add the decoupling capacitors to avoid trouble.



From the comments:


  I was just wondering if I can connect 5 wires (1 from the +5V and the other 4 from the chip) in series to draw the same voltage to each pin through each wire.


Sorry, I understood the question but didn't answer it well. Yes, you can loop from one to the next et cetera. Since the currents are miniscule no significant voltage drop will result. In any case, the logic thresholds are generally well towards Vcc/2 which gives quite a bit of noise immunity.