All these information are copied from http://windows.microsoft.com/en-us/windows/end-support-help. Please visit the link for further info.
What does end of support mean for me?
After April 8, 2014, technical assistance for Windows XP will no longer be available, including automatic updates that help protect your PC. You can continue to use Windows XP, but your computer might become more vulnerable to security risks and viruses.
Can I upgrade my PC to Windows 8.1?
Windows 8.1 can run on a few older PCs but not many of them. Check out the tutorial to find out whether your current PC can run Windows 8.1 and then follow the steps to upgrade if your PC is able. For more detailed information, read the FAQ.
Why should I switch to Windows 8.1?
Windows has evolved in the past 11 years since Windows XP was first released. Windows 8.1 makes it easy to do all the things you’re used to doing with Windows XP and makes a lot of new things possible as well.
Do I need a new PC to run Windows 8.1?
If you’re unable to install Windows 8.1 on your current PC, it might be time to consider shopping for one of the new generation of PCs that are available today. There are some surprisingly affordable PCs available that are still packed with plenty of memory and power. And making a switch to a new PC is a lot less daunting than it used to be, too.