I am part of the adobe creative cloud primarily using lightroom, how do I upgrade the creative cloud version so I don't lose all my presets/pics/etc? My new canon raw files cannot be read in lightroom 5.
You shouldn't lose anything when you upgrade. Just install the software, sign in, and it should recognize and use your previous catalog (including previous presets). It will ask if you want to upgrade your previous catalog, you click yes (or OK or whatever the affirmative is).