Itching can be a common problem with aging skin. It is often related to dry skin, but sometimes it can have other causes. Allergic reaction to fabric preservatives, wool, plastics, detergents, bleaches or soaps can irritate mature skin as it becomes more sensitive. So it is important to identify what is irritating the skin and limit the exposure to it.
If moisturizer alone is not soothing the skin, your doctor can prescribe a remedy to improve the skin condition and perform some tests to establish if an internal disorder is causing the skin to itch.