Ill have to rethink my options. I guess Ill wait until my next computer purchase to get the high speed drive and just get a basic drive as a back up option now.
Thanks all.
Time Machine is a waste of a high-speed drive or SSD - and you'll probably still want a TM drive when you upgrade the Mac.
Also, your TM drive needs to be something like 2x the size of the drive you are backing up - it doesn't just store a copy of the hard drive, it stores a history of old versions of files. Although the price of large SSDs is coming down, old-fangled mechanical HDs are still vastly cheaper for the sort of 1-2TB capacity you want for a TM drive.
In fact - when you get your new machine, best plan is to stick the old TM drive in a cupboard as a long(er) term backup. Personally, I wouldn't dream of using something premium-priced like a Samsung T5 for Time Machine.
The other thing to note is that, unless you are doing something that involves continually slinging huge media files around, the big gain from a SSD in general use comes from having it as the system drive, where all the zillions of libraries, temporary files, virtual memory etc. that are continually being accessed as you work live, and while the reviews love touting the "peak sustained transfer" (a.k.a. "this never happens in real life unless you're editing 4k") rates the BIG difference comes from the vastly reduced "seek" time of
any SSD compared to a mechanical drive.
So, really, several terabytes of slow old spinning rust is
still the sweet spot for backups, archiving files, media libraries (finished mp3/mp4/etc. doesn't need high transfer rates). So, my advice would be to get a mechanical hard drive with a USB 3 interface - which will work at USB2 speed on your iMac. You
could get a TB-to-USB3 interface, but frankly I wouldn't throw any money at TB1/2 technology right now.
The time to look at TB3/USB3.1g2 drives like the Samsung T5 is if (a) you're doing AV production and actually need the bandwidth or (b) you're stiffed with an Mac with a HD/Fusion internal drive and want to use it as an external system drive.
You could also look at network attached storage - again, more than adequate speed for Time Machine or archiving - although I'd go belt-and-braces and get a cheap USB hard drive and, periodically, make a bootable clone of your hard drive using SuperDuper or CarbonCopyCloner in case you were stuck with rescuing a computer that couldn't boot/access the network. Frankly - I'd do that
anyway as a supplement to Time Machine.