The singularity is an interesting idea, but further analysis to me indicate that physical barriers will prevent it from ever happening.
Yes we have development at an increasing pace, but the barriers for improvements are increasing even more as we approach physical barriers. So we are not approaching the singularity, but we are approaching what could be the peak of fast progress, especially on living standards, where it may already have passed for the developed world.

Ray Kurzweil is a brilliant man, but I think he miscalculated regarding the singularity.