Urgency is the whole con. 'Your account will be closed in 24 hours.' 'Action required.' Smell that? That's phishing.
Don't click. Open a new tab. Type the real URL yourself. If something's actually wrong, it'll be there when you log in.
Hover before you click. The link text says 'paypal.com' but the actual URL is 'paypa1-secure.tk-login.ru'. Cute.