The aim of the paper is to present some sociological theories and concepts concerning social situation of elderly people including its advantages and disadvantages, risk and chances for good quality of life. In accordance with this objective social participation of senior citizens will be discussed as a controversial issue. That is why not only the basic contradictory socio-gerontological theories (disengagement theory and activity theory) will be mentioned, but also those trying to make compromise between them like e.g. continuation theory and theory of gerotranscendence. When discussing these theories and concepts some of their practical implications will be depicted. One of the issues which will be discussed (analysed) is social isolation of the elderly. It will be presented from theoretical perspective and in the light of the some studies. One of the angles from which the problem of isolation of the elderly can be considered is the viewpoint of urban studies or/and urban sociology. From that particular angle it can be analysed in terms of e.g. neighbour relations, social networks and social support in residential environment, architectural barriers, opportunities for social integration within peer-groups of the elderly, creation of special retirement communities, other enclaves of senior citizens and ghettos of elderly residents of towns districts, rural areas and cities. The other life events and social processes that can have negative impact on the quality of life of elderly people are e.g. losses of meaningful roles and beloved as well as lowering position in the system of intergenerational transmission of knowledge and changes towards information societies. As social phenomena influencing the lives of older persons can have both positive and negative impact on them within this paper this impact will be discussed in rather SWOT-like analysis mode, including weaknesses, strengths and chances.