Does it have to be Photoshop, Peter?
There are a number of cheaper alternatives like the free Gimp. Or, until recently, I used Serif Photo Plus which has older software like versions X2 or X3 which should be suitable for you and only costs around £20 to £30. And there are other good sensibly priced alternatives.
But if you shoot Raw you may need to also get a separate Raw converter, although there are a number of free converters like Raw Therapee for example.
However, if you like using Elements 10 then it should be sufficient.
CS5 is certainly an excellent programme although expensive. But it has everything you are likely to need plus quite a bit more, which you might need one day. And it comes complete with it's own very capable Raw Converter.
I also tend to regard myself as something of a basic image manipulator but I want to do my general editing to a good standard. And for me, this entails using Adjustment Layers, plus other Layers and Masks, on a regular basis.
Photo Plus is certainly capable of doing all this. But, in all honesty, I found that CS5 did it slightly better; although whether it is over £400 better is somewhat debatable.