Abstract This study revisits and extends a classic question in sociology and tests three competing hypotheses about the effects of intragenerational social class mobility on distress and psychological well-being at midlife. Prior research on this topic investigated the effects of intergenerational mobility, but did not look at how mobility during adulthood (intragenerational mobility) affects psychological distress and well-being. Previous literature is also limited by methodological problems that make it difficult to estimate the separate effects of prior social class, current social class, and social mobility. This study overcomes this methodological problem using a novel approach that breaks the linear dependence between prior class, current class, and intragenerational mobility. After accounting for prior and current class, I find that social mobility is not associated with psychological distress and self-acceptance. Instead, mobile individuals come to resemble their nonmobile counterparts in their current class on the outcomes of study.