RIP Windows 7 – what happens next?

Support for Microsoft Windows 7, a much-loved computer operating system for the last 10 years, where it served businesses and homes all over the world, has ended.

Windows 7 surpassed adoption of later operating systems such as Windows 8 and Windows 8.1 but, unfortunately, this love affair is over.
After 10 years Microsoft decided enough is enough and retired the operating system on the 14th of January 2020. So, what does this mean? What happens next?