I have a copy of Photoshop Premiere Elements 11 loaded on my windows (7 operating system) pc, and it does everything I want it to, BUT I am worried that if I don't upgrade to the latest version of Premiere in the near future, that if I have problems with this software or if I upgrade my operating system or purchase a new windows pc, that this software will no longer run on my pc, and that all of the projects I have created over the years will be lost. In your opinion, should I upgrade to the latest version of Premiere?
There's no need to upgrade unless you want the newest features. The program is not going to just stop working. And version 11 is recent enough that it supports all of the current consumer video formats.
I have a copy of Photoshop Premiere Elements 11
Just to be clear:
Photoshop Elements (photo editor) and Premiere Elements (video editor) are two different programs.
There is no Photoshop Premiere Elements.