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Do I need to update my ethereum token if proof of stake finally comes and proof of work no longer in use?

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No, you don't have to do anything.

In phase 1, especially 1.5 the Ethereum 1.0 chain merges with the Ethereum 2.0 chain and your ETH token automatically gets converted to ETH 2.0 token.

Anyway if you want to become a validator before phase 1.5 has finished you can convert your ETH token already to ETH 2.0 token (but once converted you can't rollback your transition). More infos on how to get involved here.

If you wanna have further read:

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