Yes, Google Reader is shutting down, effectively on July 1, 2013.
While many of you might depend yourself on RSS on daily-basis to read news, the shutting down of Google is not the end of the world. It doesn’t mean that you should go ahead and visit Twitter reading how people complain about their life while drinking your morning coffee. There are few alternatives of RSS reader out there which I personally think quite good. Well, not as good as Google Reader though, but they all have pros and cons.