They have yet to provide a date for the official end of service but plan to give 18 months notice. While the end of Magento 1.0 is not near, it is approaching. Therefore, long-term professional support and maintenance of websites built on Magento 1.0 will cease to exist very soon.
Migrating to the latest version of Magento is the best way to keep your website functional (and even add new features in the process). According to Real Estate Photo Editing Dotcom Weavers, migrating your existing website to Magento 2.0 can take a bit of time. You should expect: At least 2 months for small sites 3 to 4 months for medium-sized sites 6 months to 1 year for business websites