Singaporeans should be quite familiar with our Central Provident Fund (CPF) accounts.
The Ordinary Account (OA) is mainly meant for housing and investment. The Special Account (SA) is primarily for old age and retirement-related investments. The Medisave Account (MA) is reserved for payment of medical bills and approved insurance schemes. At age 55, the savings in OA and SA form the Retirement Account (RA), which as the name suggests, is to provide for retirement.