Levinson's theory proposes six life stages from childhood to late adulthood. Each stage is separated by a transition period. The two key concepts are stable periods, when crucial life choices are made, and transitional periods, when one's life commitments often change between stages. A stable period focuses on working towards one's "dream" career and family goals. Transitional periods involve questioning one's path and making adjustments. Levinson later adapted the theory to account for gender differences in dreams and priorities through the stages.