The paper examines inequalities in mental health and "serious" illness, i.e. illness with significant consequences, among 964 men and women aged 65 and over in Norway. The aim is to analyse the extent to which the assumed class differentials in ill health in later life are accounted for by current socioeconomic circumstances and social and economic conditions during upbringing. Multiple logistic regression analyses suggest that the bivariate relationship between previous class location and present health condition among elderly men remains or may be attributed to current income. For women, their previous class location is not significantly related to either health outcome. However, women's current income and present economic difficulties are significantly related to both health measures in the expected direction. In addition, serious illness is related to long-standing illness in childhood, and poorer mental health is associated with economic hardship in childhood and dissension in the family of upbringing. For neither sex was father's social class during upbringing an important predictor of ill health. It is concluded that health inequalities in later life may, at least to some extent, be attributed to the "legacy of the past", and that the social democratic welfare state has not succeeded in eradicating health inequalities despite its egalitarian age pension policy.