Need some power tool advice...

Hello, I am finally retired (56) and looking to buy some new or even new to me woodworking equipment. My desire is to make period furniture. In my ignorance I find myself feeling I will need some power equipment like a Jointer and a planer ( I have a table saw, Bandsaw 17", and a small cache of LN and Stanley hand tools). I do actually have a 8" Grizzly jointer..but...that is where my question starts... What size planer and what size jointer ...OR what about a planer/Jointer combo.
8 inch Jointer and a 20" Planer?
or a Hammer A3 41 16" Jointer Planer combo?
Any help would be great! What do you use?
I do this for $ and not a hobby so I have a slightly different perspective. But even as a hobby, you may want to consider first buying a phase converter as that will open you up to more options and a higher level of equipment for not that much more money. What I started with and still currently run is a 10hp rotary converter. I have a 100 AMP feed off my house to my shop. I turn the converter on when I need to run the machines. Its easy. I started (late 90's) with a delta 8" jointer and a Powermatic 209, 20" planer. The 8" jointer was to small and lightweight for daily use but I made it work(barely). The planer was decent but was hard to keep tuned up. Large heavier boards needed to be finessed through it. I now run a 16" northfield jointer and a 20"scmi tersa head planer. Both were purchased at very similar cost to the new powermatic or similar machines and the quality is lightyears better. If your going to keep the 8" jointer, you can joint wider than 8" boards on it but I would get the widest planer you can get. I think most of the high-end hobby equipment is probably very similar in quality. I have never used a combo machine but the thought of constantly changing it back and forth would drive me crazy.
I do this for a hobby, with an 8" jointer and 13" planer, and don't really desire more...but I don't mind the extra time when those widths aren't enough. I can joint boards as wide as 10" with the guard removed and an assist from a hand plane (the jointer used with extreme caution and guard replaced immediately after). The 13" planer isn't wide enough for glued-up panels, so once again I'll finish with hand planes. But every surface is going to be hand-planed anyway on anything I build, so I am always happy for the fast-forward with machines when they are applicable.

If I could have only one, it would be the planer. I have thicknessed by hand enough to know it's the least enjoyable part of the process.
When I had my furniture making business I had a 16" jointer and a 20" planar. Now retired, I still have them. Remember - a jointer makes flat and a planar makes parallel to the flattened surface.

Dennis Bork