Drupal’s Plan of Action
Few months ago, during his keynote, Dries announced (and wrote) about Drupal’s structured release schedule. Although this clarity gave much relief to many, it also sent some of our Drupal 7 clients in a frenzy.
Taken from https://dri.es/drupal-7-8-and-9
Optimistically, Drupal 9 releases in June 2020. The initial plan, however, was to release it in December 2020 but that would give website owners only 12 months to migrate to Drupal 9. Hence it was decided that it would be best to have an 18-month window at the least or a smooth migration. Drupal 8 support will end in November 2021.
Drupal 7 was expected to reach end-of-life by November 2020 initially but since several websites might still be running on Drupal 7 even by 2020, the community has decided to extend support to Drupal 7 till November 2021. Which means that both - Drupal 7 and Drupal 8, will reach end-of-life at the same time!