Microsoft ending support for Windows XP

Microsoft has announced that as of April 8, 2014, Windows XP will no longer be supported. According to Microsoft, after that date, "your XP computer[s] will no longer receive automatic updates."

Even though Microsoft will offer some transitional anti-malware support for Windows XP through July 14, 2015, the end of XP support means that after April 8, 2014, Windows XP computers and the information stored on them are at serious risk. According to Microsoft,

If you continue to use Windows XP after support ends, your computer should still work, but it will become five times more vulnerable to security risks and viruses. And as more software and hardware manufacturers continue to optimize for more recent versions of Windows, a greater number of programs and devices like cameras and printers won’t work with Windows XP.

What actions should I take?