We model the relationships between socioeconomic status (SES), the conditions of paid employment, and changes between ages 54 and 65 in a variety of health outcomes: self-reported overall health, musculoskeletal health, and depression. To what extent is SES associated with changes in these health outcomes net of the conditions of paid employment? At the same time, to what extent are the conditions of paid employment independently associated with these outcomes net of SES? To address these questions we use unique data collected from a single cohort of men and women to model changes in these health outcomes between ages 54 and 65. Although results vary across outcomes, it is clear that there are some circumstances in which associations between SES and changes in health can be (at least partly) attributed to working conditions, and that there are other circumstances in which associations between working conditions and changes in health can be (at least partly) attributed to SES. We conclude that the largely disconnected literatures on health disparities (in the social sciences and public health) and job design (in occupational stress and ergonomics) could and should be fruitfully connected.