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I'm finally going to upgrade from Premier Elements 5 to Premiere Elements 2018. Is this an easy upgrade or are there any problems transferring all my catalog data, etc.? Is there a best way to go about this?
That's a leap of over 10 years, Rich. So no guarantees.
But when you install Premiere Elements 2018 and open the Organizer, it should locate the old catalog and offer to update it to 2018.
If it doesn't offer, you can go to the Organizer's File menu and select Manage Catalogs, then browse to your old catalog. Where this catalog is located depends on what operating system you're using.
At least that's how it works when upgrading from recent versions of the program. I can't guarantee it will work with a catalog that old.