I just wanted to know the end of life of Magento 1.9x Will this still be supported for 4-5 years from now as Magento 2 is now here therefore I need to know and I will appreciate if some official can comment on this or some one who knows a lot
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This also doesn't mean that the software stops working. It just means that Magento stops releasing addition (security) patches. Expect third parties (agencies, groups) take over the torch from there. M1 is a decent piece of software as it is and many merchant do not see reason to stop using it even though official support is gone.
Other answers here already reflect the general concensus, but I wrote this short article that includes links to the official sources of this information, in case anyone is looking for them.
i created some pic's which maybe clearify this. Just check: https://www.slideshare.net/DennisReurings/magento-1en2roadmap
This answer is out of date I believe, this forum post comes up on google so may be misleading to some. Based on the blog at https://magento.com/blog/magento-news/ongoing-magento-1-support, support is continuing and Magento are committed to an 18 month notice if support will be discontinued. No announcement has been made by Magento for an end to support so no rush for anyone.
Think the best thing for anyone using Magento 1.9+ is to keep subscribed to the upgrades and security newsletter (as linked in that blog post) and if all goes well we all get an 18 month warning of when it will be end of life.
For any user though, still bear in mind the benefits of the upgrade and plan it when it is convenient. I'm personally getting there but I feel no pressure from Magento to do the upgrade just yet!