memory matters not...There are boat loads of “Open Source” programs out there.
I have used “OpenOffice” in the past.
It can get a little sluggish at times, but I needed something that I could run from my USB drive.
It works.
And it’s free.
If it has to be Microsoft, Amazon has it for $85. No cloud involved.
That said, Libre is pretty good though not perfect.
If you have a licensed copy, you should be able to install it on the new machine.
But I’d just go with libre or open office.
https://openoffice.apache.org/
If so you can use that key to reinstall a version of your old software.
Try OpenOffice. It reads some Word formats.