If blazing speed is not critical and budget is get an external rotational hard drive from OWC. I recommend drives from OWC (MacSales.com) as they have proven reliability, excellent customer support and warranties. Consider one of these depending on your budget and needs:
OWC Mercury Elite Pro -HDD
If you decide to go all SSD for the external drive for your model contact OWC's customer support and get their recommendation for the SSD model that would best suit your iMac model, work requirements and budget. They many different external SSD models to choose from. OWC is considered the premier 3rd party hardware supplier for Macs by most users here.
If you're not going to trade in your current Mac as part of the new purchase open it up and remove the 8TB drive and put it in an OWC enclosure. You can then remove all of the other files and keep it just for your Photos library and documents.
OWC does have a variety of 4 TB SSD available. Again contact their Customer Support to see which would suit you best.
