Being Switched ON is not all about ourselves. Just as we seek to develop ourselves across the 3 dimensions of physical, emotional and intellectual wellbeing, there’s numerous situations where we must bring our best selves on behalf of our nearest and dearest.

An example is elder abuse. In this report from the CNBC On the Money program,senior personal finance correspondent Sharon Epperson talks about the increasing incidence of financial abuse of seniors.

Research from insurance giant AIG found a minimum of 3.5 million cases each year in the US of reported elder financial abuse, with an average age of victims between 70 and 79 and an average loss of US$45,300.

Sharon tells us the average loss increases to US$50,000 when family members are the perpetrators of the abuse.

The AIG report found a major reason for worsening financial abuse of seniors is that more of them manage their finances alone, without the support of a true trusted relative or adviser. That makes these folks more vulnerable to scams, especially as they age.

Some simple steps seniors can take to protect themselves from financial abuse include:
•    to designate a true trusted relative or adviser with a power of attorney while they still enjoy good physical and cognitive health
•    to send copies of bank statements to your power of attorney delegate ortrue trusted individual
•    to not add joint account holders to bank accounts.

During the interview, Sharon is at pains to stress that designating a power of attorney doesn’t mean our elderly loved ones are relinquishing any control over their finances.

Instead,it means seniors have planned ahead in a way that’s totally Switched ON and already identified and designated the person they are most confident will act honestly, selflessly and competently on their behalf.

Sadly, AIG report found up to 90% of seniors financial abuse is committed by family members or trusted advisers. Sharon says red flags that can help us to identify abuse include someone who:
•    wants to become involved after a long absence
•    prevents interaction with other family members
•    pressures to be given power of attorney
•    asks to be added to accounts.

The AIG report also found that seniors are susceptible to scams. Among the scams identified by AIG are callers who contact seniors claiming to be a grandchild and who need money. Another is calling a senior to say he / she has won a lottery, but taxes must be paid before the winnings can be collected.

While we wish Dr David Sinclair and all the other fabulous scientists working feverishly to prolong our ‘healthspan,’ Father Time is inevitably coming for all of us.

That means having the conversations with our loved seniors ahead of time in preparation for the day when they will be less able to make decisions for themselves.

As Sharon says, the worst situation is where a crisis has already happened.