Final answer:
Erikson's theory of social and personality development describes the stage of late adulthood where individuals experience 'integrity versus despair' reflecting on their life accomplishments and regrets.
Step-by-step explanation:
The theories of social and personality development in the context of aging focus on transitions from youth to adulthood, and later to late adulthood. Erikson’s theory of psychosocial development is pivotal here, proposing the concept of integrity versus despair. As adults enter late adulthood, they reflect on their life achievements and failures. A successful reflection leads to a sense of integrity and the ability to face the end of life with less fear, while a focus on missed opportunities may result in despair. Older adults handle thwarted goals with a perspective shaped by life experiences and emotional maturity.