You should thoroughly test any upgrade before applying it to your production instances.
To perform a major version upgrade for a My SQL version 5.5 DB instance on Amazon RDS to My SQL version 5.6 or later, you should first perform any available OS updates.
When Amazon Relational Database Service (Amazon RDS) supports a new version of a database engine, you can upgrade your DB instances to the new version.
There are two kinds of upgrades: major version upgrades and minor version upgrades.
To upgrade your database version, you need to back up the existing database and then restore it to a new database.
For help with migrating your data to Second Generation, see Migrating an instance to Second Generation.
My SQL 5.5 has created a lot of hype and its not just hype, there are major performance enhancements not only in the My SQL server itself but in the newer Inno DB plugin shipped with My SQL 5.5.
This task uses the same steps as the procedure for migrating your data from a First Generation instance to a Second Generation instance.
If needed, you can perform both operations at once, migrating your data from a First Generation instance to a Second Generation instance running My SQL 5.6 or 5.7.