The aging of our population has been accompanied by increasing concerns about older adults' vulnerability to violations of trust and a growing interest in normative age‐related changes to decision making involving social partners. This intersection has spurred research on age‐related neurocognitive and affective changes underlying social decision making. Based on our review and synthesis of this literature, we propose a specification that targets social decision making in aging to the recently proposed Affect‐Integration‐Motivation (AIM) framework. Our framework specification, Changes in Integration for Social Decisions in Aging (CISDA), emphasizes three key components of value integration with particular relevance for social decisions in aging: theory of mind, emotion regulation, and memory for past experience. CISDA builds on converging research from economic decision making, cognitive neuroscience, and lifespan development to outline how age‐related changes to neurocognition and behavior impact social decision making. We conclude with recommendations for future research based on CISDA’s predictions, including implications for the development of interventions to enhance social decision outcomes in older adults.