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