Final answer:
Disengagement theory suggests that as people grow older, they naturally withdraw from society and social relationships as a part of the aging process. This mutual disengagement is seen as a natural part of growing old and preparing for death.
Step-by-step explanation:
The theory that believes older people and society mutually withdraw from one another as older people approach death is known as disengagement theory. This theory was one of the earliest in the field of gerontology. It posits that as people age and approach the end of life, a mutual withdrawal or disengagement occurs, both for the individual's peace and for society's continuity.
Gerotranscendence is a different perception where the elderly transcend limited views of life, becoming less self-centered and developing a sense of connection with the natural world. However, this is distinct from disengagement theory as it does not necessarily suggest withdrawal from social relationships.
Exchange theory also touches upon the aging process, suggesting that as people age, they have fewer resources to exchange, which may lead to diminished social circles unless they engage in resource management strategies.