I think theres a bit more life in the 5 yet, they only are just dropping 4 from the upgrade path with iOS8. Support (in terms of security issues) will last longer. I even got an update fairly recently to my old 3GS which was dropped from the upgrade path at iOS7. I had promised myself to stay one generation behind on iPhone but it seems a bit silly, if I've been saving this long and will be able to afford a 64GB phone (Unless the prices go up a ridiculous amount)
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