Simply put, No.
The end of mainstream support for a software product usually indicates that the company will no longer work on new features or deliver enhancements other than routine security updates.
In January 2015, Windows 7 will officially transition into a period of extended support.
There is speculation doing rounds that given the popularity of Windows 7, Microsoft might change its mind and continue to support it a little while longer, just like it did for Windows XP. After all, Microsoft did support Windows XP for almost 13 years.
Windows 7 was first released to manufacturing way back in July 2009, as mostly an upgrade to the disaster that was Windows Vista. In contrast to Vista, Windows 7 was wholeheartedly praised by critics, who considered the operating system to be a major improvement over its predecessor.
Windows 7 came with much needed performance improvements (as compared to Vista), a more intuitive interface (with particular praise showered on the new taskbar) and other improvements across the platform.
All said and done, if you have Windows 7 installed on any of your personal machines, there is no need to be worried yet. You will continue to receive software patches addressing any and all security issues for another five years.
And after 5 years, who knows whether personal computers in their current form would still exist.