Starting September 19, 2023, at 11:00 am EST/17:00 pm CEST, unmigrated Mojang accounts will not be able to sign in to Minecraft.net or the Minecraft Launcher to migrate. We’re doing this to ensure that everyone is playing using accounts with improved security and player safety.
Source: Minecraft.net article

What will happen to unmigrated accounts?

Once the deadline for migration is reached, players will no longer be able to access unmigrated accounts. All unmigrated accounts will be deleted at a future date.
Source: help.minecraft.net

What if you don't have access to the email address associated with your Mojang account, or have any other queries?

The details are unclear. The Minecraft help center link says "Minecraft player support will no longer be able to help with migration-related issues after September 5, 2023." whereas the minecraft.net article states "[...] starting September 19, 2023, Minecraft Support will no longer be able to assist in any MSA migration-related tickets."

What do you get for migrating to a Microsoft account?

Microsoft claims improved account security, and 2FA. You will get a Migrator cape and access to Minecraft for Windows (Bedrock Edition) on the Microsoft account chosen at the time of migration.

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[–] Bartsbigbugbag@lemmy.ml 7 points 1 year ago

Why? I didn’t pay to have a Microsoft account. I can’t make just a Minecraft account, they require my full name and date of birth to make a microsoft account. That’s an entirely different dynamic than the Mojang account that requires literally no personal information. I didn’t agree to give Microsoft my information when I bought the game, and I have no obligation to do so. They, however, have an obligation to allow me to access the game that I’ve paid for in perpetuity.