Hello eldergnome,

If you are upgrading to newer version of Office, Office 365 is something that you can consider. I have been through similar scenario as you are in. Upgraded to Office 365. The transition was smooth. The best part is, when the next upgrade for Office comes, you don't have to worry about upgrading the license. You are eligible for the next version. Along with that you get 1TB of OneDrive cloud storage.

All the best.

Edwin.