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Mental health outcomes in later life are shaped by adverse experiences and conditions in early life. However, there is limited empirical investigation into time-dependent exposure-outcome relationships. This study focuses on socioeconomic adversities because they have far-reaching implications for health and inequality. Specifically, this study asks the following question: when do different SES-based disadvantages—exposure to poverty, financial strain, and blue-collar occupation—matter most in explaining mental health outcomes in adulthood? Using survey data from the National Longitudinal Study of Adolescent to Adult Health and employing a two-stage structured life course modeling approach, I test three hypotheses—sensitive periods, accumulation, and recency. My analysis yields three findings: (1) the recency model provides the best fit for the effects of financial strain on depressive symptoms and substance use, as well as for the effect of blue-collar occupation on substance use. (2) depressive symptoms were best predicted by the timing of poverty, specifically exposure during mid-adulthood. (3) in the first stage, exposure at wave 4 (young adulthood) best explains the observed associations between blue-collar occupation and depressive symptoms, and poverty and substance use, but these associations become non-significant after adjusting for adult SES. These findings highlight adulthood as a particularly consequential period, during which individuals’ own statuses and identities are established. SES adversities may operate differently from acute stressors such as maltreatment; as long as parents are able to provide some degree of shielding, these adversities are less about long-term scarring and more about proximal exposure.