If you need a perpetual license today, look for or the upcoming Office 2024 (the current "LTSC" versions), which still have years of support left.
However, time marches on. If you are currently using Office 2016, enjoy its stability today, but plan your exit strategy before the October 2025 security deadline. Whether you upgrade to Microsoft 365 for the latest AI features or switch to Office 2021/2024 for another perpetual license, the core logic remains: Your productivity tools must be secure. microsoft office 2016