Given earlier discussion in this thread, I figure that we have a good 5-6 years of being able to use Office for the Mac 2011 before our desire to upgrade our macOSes to 64-bit-only versions.
Except, considering what artie said earlier, that could mean sacrificing the ability to update our system software which, given various security issues, might not be wise.
....since it's 32 bit, it will run only through macOS 10.14 (the next version, which is due out in the fall), but maybe not with full functionality, and it absolutely will NOT run in macOS 10.15.
My other concern would be if they stop publishing 2016 and it becomes difficult to acquire (like keys' Quicken in the post above), which is a key in my thinking about 'getting with 64 bit' now rather than later.