Final answer:
The phase in life where gains and losses balance each other out is typically considered old age. This aligns with the selective optimization with compensation theory, which balances selective goals, optimization and compensation strategies. The balance is maintained despite physical decline, with a focus on cognitive maintenance and social support.
Step-by-step explanation:
The phase of life where gains and losses as well as biological and sociocultural factors balance each other out is typically considered old age. This concept aligns with the selective optimization with compensation theory by Baltes and Baltes, which emphasizes that successful development and mastery of life's challenges are achieved by balancing selective goals with optimization and compensation strategies. As people enter old age, they often strive to balance the inherent losses associated with aging with the related gains, which can include increased wisdom, more time for hobbies, and less pressure from work and family responsibilities.
This balance reflects a mastery of life's challenges that is individual-specific and may include coping mechanisms for physical decline, cognitive maintenance, and sustaining social support networks. The theory keys in on the reality that, while physical decline may begin in middle adulthood, life can still be fulfilling as cognitive decline typically starts later and social supports remain critical. Moreover, this balance speaks to the psychological aspects of aging where individuals may strive for integrity over despair, grappling with past regrets or embracing new possibilities.