If you want to play those dusty old original PlayStation, PS2 or PS3 discs, you're out of luck. You might want to hold onto your PS3 to play games from its library.
So far, Marvel's Spider-Man: Miles Morales and Sackboy: A Big Adventure are confirmed to have save transfers if you upgrade to the PS5 versions. It's highly unlikely that any developer will decide not to give you the power to transfer. However, it warned that the ability to transfer game saves between a PS4 version and a PS5 version of the same game is down to the developer, and it'll vary with cross-gen games.
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You'll have to make sure the latest save is backed up to the cloud from your PS4 and manually download it on your PS5 - hopefully a future update will make the PS5 automatically detect and download cloud saves once a game is installed. The cloud storage method is the simplest approach, but it's a little fiddly. "And if you are a PS Plus member, you can also sync PS4 game saves on PS5 through cloud storage." If you've already stored PS4 games and game data in the external USB storage device connected to your PS4, you can bring them over to PS5 with that external USB storage device," the company said in an Oct. "You can transfer digital games, game data, and game saves from a PS4 console to a PS5 console using LAN cables, or by connecting wirelessly (Wi-Fi).
It's possible to continue your PS4 adventures on the new console, and Sony has confirmed a few methods of transferring your saves.