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Do I need to uninstall the 2018 version of photoshop elements before installing the 2020 version? I am aware of the need to deregister the older version if I do a complete uninstall.
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There is no need to uninstall unless you are running short of disk space.
You can choose to keep the older version when installing the new version to either keep it or uninstall it. See the following on how to control this in Creative Cloud