Central Provident Fund (CPF)

Singapore's Central Provident Fund, or CPF, is a social security system that helps working Singapore Citizens and Permanent Residents save for retirement. It also supports healthcare, home ownership, family protection, and asset growth. CPF includes the Ordinary Account for housing, selected insurance, and approved investments; the Special Account for retirement savings and approved investments; and the MediSave Account for hospitalisation costs and approved insurance premiums. At age 55, a Retirement Account is created by combining savings from the Ordinary and Special Accounts to provide monthly retirement payouts.

CPF is like a set of money boxes in Singapore. One helps with housing, one helps with retirement, and one helps with medical costs. Later, they help pay you during retirement.