What is premature closure of senior citizen account?
In a 2025 financial report, nearly 1.2 million tax returns reported over $1.5 billion in penalties due to early withdrawals from retirement accounts. This highlights a crucial financial issue for many retirees, and prompts the question: **What is premature closure of senior citizen account?**. It refers to the action of closing a designated savings or investment account before its predetermined maturity period expires, which can result in penalties and loss of accrued interest.