Saving that is not Technically Singaporeans are among the greatest savers, saving at least 38% of their income directly into the CPF and more for those who can afford to in their private personal accounts. But Singaporeans will never have enough for their old age. How so? Because the saving is not savings. The savings will be spent along the way and by the time they retire, they will be shock to know that there is hardly anything left. Savings of Singaporeans is a myth. Where would all these big savings go to? Housing will take a huge proportion over 30 or 40 years. This is perhaps the biggest item to be taken out from the saving. Then there is the Medisave that will be spent in world class hospitals charging world class rates. And if this is not spent, it will be kept out of reach of the Singaporean till he passes away. Then there will be the fees for education, the premiums to be paid for medical insurance and life long insurance. And Singaporeans can count on more schemes in the future to help them spend their savings in the CPF, and probably even compulsory spending. So whatever the Singaporeans saved in the CPF, they will spent it, in one way or another, in advance.