I would also vote for Office 365. Yeah, I also dislike subscriptions but this is one of the best I've seen (surprising for Microsoft!). The home version lets you share the apps with 4 other people, with no requirement that they be in your family, and each user also gets 1tb of OneDrive space. And each user can install the apps on 5 different devices. For that matter.... maybe you already know somebody with this and they will add you to their plan for free? Or maybe you know someone who would like to upgrade and will split the cost with you? Cost is $100/year but there's also a personal version if you only need one copy, IIRC that costs $70.
But, getting back to the original question, your version of Word will be a 32-bit app and won't work on a new Mac with Catalina. I was using Office 2008 on my 2013 MacBook Air under Sierra and it worked, but tended to crash with large documents that had a lot of images in them. I finally got frustrated with that and upgraded to Office 365. But if you are determined to use your old version, it should be possible with a virtual machine on your new Mac. I have Sierra and Mountain Lion virtual machines on my new Mini and they run my old 32-bit apps perfectly - noticeably faster than the old computers I replaced. This can be setup with Parallels or other software. It's not too hard, but I had to figure out much of it myself.