early withdrawal penalty
Savings impatience cost
An early withdrawal penalty is a fee charged when money is removed from a time-bound account before its maturity date.
Most commonly applied to certificates of deposit and retirement accounts like 401(k)s or IRAs: The early withdrawal penalty wiped out most of the interest I'd earned.
The penalty discourages treating long-term savings as accessible funds.
- retirementLeaving the workforce permanently
- retirement accountTax-advantaged savings vehicle
- 401kEmployer-sponsored retirement savings
- IRATax-advantaged retirement fund
- nest eggSaved money for later
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early withdrawal penaltybonus
Reward beyond expectation
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