You have to see if the iMac can be upgraded, a lot of the more recent ones can't be. Assuming it can be an SSD will give a performance boost or you can add a larger normal hard drive. Make sure you get one with enough storage space and allow a good margin. You can also upgrade the RAM if you have 4GB or less then an upgrade to 8 or 16 is a good idea. Crucial are a good company here.
You will also need to migrate your data. First back it up using time machine and also another back up of important docs, pictures is a good idea. When I upgraded my 2012 MacbookPro I used a bit of software called Carbon Copy Cloner. You need to get a UAB to SATA lead, plug the new drive in to this and one of the USB ports and it will exactly clone your current drive. Then swap them over. It's actually quite easy, just takes a bit of time for the data transfer. I didn't get an SSD this time round I just upgraded the old 500GB to a 1TB as running out of space and the RAM from 4 GB to 16GB. Works fine.
A bit of housekeeping might help as well, move stuff off the desktop, empty trash etc. plenty of stuff to google on this.