A large body of evidence suggests that action execution and action observation share a common representational domain. To date, little is known about age-related changes in these action representations that are assumed to support various abilities such as the prediction of observed actions. The purpose of the present study was to investigate (a) how age affects the ability to predict the time course of observed actions; and (b) whether and to what extent sensorimotor expertise attenuates age-related declines in prediction performance. In a first experiment, older adults predicted the time course of familiar everyday actions less precisely than younger adults. In a second experiment, younger and older figure skating experts as well as age-matched novices were asked to predict the time course of figure skating elements and simple movement exercises. Both young age and sensorimotor expertise had a positive influence on prediction performance of figure skating elements. The expertise-related benefit did not show a transfer to movement exercises. Together, the results suggest a specific decline of action representations in the aging mind. However, extensive sensorimotor experience seems to enable experts to represent actions from their domain of expertise more precisely even in older age.