The public discussion about old age and aging is often focused on losses that occur in many areas of life. The deteriorating state of health, the loss of independence, the increased need of nursing care,as well as the increased risk for dementia and memory loss are automatically associated with the aging process by many people. Unfortunately, this deficit-oriented and pessimistic view also determines the scientific examination of old age. However, there are two important points that this perspective ignores. First, aging is not a homogeneous process, but can take a range of different courses [1][2][3]. Second, old age is not characterized only by risks and losses, but has also extensive strengths that are essential to maintain positive well-being in spite of losses [4,5].The heterogeneity in old age is one of the main findings in gerontological research [6][7][8]. With respect to their functioning, individuals of the same advanced age can be very different from each other, whereas individuals of the same younger age can be very much alike. Further, there is also empirical indication that old age is not a single phase of life but can be divided into (at least) two phases [9][10][11][12]. The third age is characterized by physical and mental fitness, good social integration and high activity level. In addition, the so called young old individuals show a high level of emotional and cognitive well-being [7]. In contrast, the fourth age seems to be less positive. The oldest old individuals often suffer from several chronic diseases and have cognitive limitations [13][14][15][16]. Furthermore, their social network is significantly reduced [17], and many of them need increased support and assistance or even long term care [18][19][20]. Baltes and Smith [7] showed that 80% of very old participants of the Berlin Aging Study suffer from losses in three to six areas such as vision, hearing, strength, functional capacity, intelligence, and physical health. In sum, among these very old study participants there was a high degree of functional impairment and multimorbidity, as well as a substantial prevalence of dementia (approximately 50% at the age of 90 years and above). Gerontology speaks in this particular context of a very vulnerable stage of life in which the increasing losses and deficits are juxtaposed within sufficient opportunities for their compensation [9].Here one could ask, if, in face of a steady decline in health condition and mental function, the life in very old age is valuable and worth living at all. Can individuals adapt successfully to the changes that occur in very old age? Indeed, adaptation activities to new development requirements are necessary across the entire lifespan, but they may be especially of particular importance in late life due to accumulating losses. Paradoxically, numerous studies document an impressing resilience and adaptability in old and very old age [21][22][23][24][25]. Despite all limitations and losses, older adults maintain a positive sense of subjective well-being, which can ...