What's the Best Procedure for Wrinkled Aging Arms?

A large number of treatment options are available to treat aesthetic deformities of the arm. The specific option chosen will depend upon the patient's anatomic findings and aesthetic goals. It's important to remember that no two patients are ever exactly alike and for this reason, procedures need to be tailored to meet their specific needs.Although your history is helpful, it's virtually impossible to make a specific recommendation without pictures or a physical examination. Based on the available information, your biggest concern is loose saggy skin on the insides of your arms. This problem usually always requires removal of the excess skin with a procedure known as a brachioplasty. The procedure involves a trade-off between excess skin and scarring along the inner aspect of the arm. This approach may require secondary maneuvers to address changes in your skin because of solar damage.If you're considering treatment of your inner arms, it's appropriate to consult a board certified plastic surgeon with experience in this area. This surgeon should be able to formulate a treatment plant that addresses your anatomic findings and achieves your aesthetic goals. 

Thank you for your question regarding wrinkly forearm and upper arm skin. It is difficult to answer accurately your question without pictures, but I will try my best.
It sounds like you have extra forearms and upper arms skin with minimal fat. This is common with normal aging. Unfortunately, as we age, we all lose skin elasticity. If you had just excess arm and forearm fat and had good skin elasticity, I would suggest forearm and arm liposuction. Unfortunately, due to your loss of skin elasticity, absence of forearm and upper fat, and presence of excess arm skin, I would suggest skin excision.
Due to the presence of forearm and upper arm skin, I would suggest a combined procedure addressing both the arms and forearms. The procedure would remove skin from the upper arm and the forearm. Depending on physical examination, the incision would extend from the armpit to the mid-forearm or the wrist.
Good luck with your quest for skinnier forearms and arms.
If you have any questions, please do not hesitate to contact my office.
Sincerely, Dr. Katzen

Your best option is to tighten the skin with some type of arm lift.  Definitely consult with an expert in the field to understand your best options.  The good news is that scars tend to look great in older patients.