Long-lived races is one of those things that often doesn't hold up very well when you look at it closely. Not that's it is necessary to do so. You can just say that starting elves are 80+ or whatever, and leave what happens to the adolescents as unmentioned most of the time. For a fun take, I've always thought that's where half elves come from--"teenage" elves trapped with their hormones for the better part of 30-50 years.

If I'm going to use the defaults and need an explanation, I usually go with the cultural one. Maybe elves in particular aren't fully mature until 30-40 or so, the same way many humans are still growing in some minor way between 20-25. We don't usually think of a 20 year-old human as not physically mature even though most of them are not "done" yet. If you think about it, it's not uncommon for a human child to reach full height (though not bone and muscular development) before 14, or just over halfway to their full development. Elves still gaining height up to age 25, and most of that before age 20, isn't a great leap. There have been times and places where the local human culture considered those in the 25-35 range not fully adult yet. Heck, even in the USA, where it's all "they are kids" when questions of responsibility come up but "they are adults at puberty" when questions of letting them do whatever the hell they want come up, the insurance companies are still giving higher rates for driving up until age 26 and/or marriage. So I'd think even in a youth-oriented elven culture, it wouldn't be odd to think of 50-100 year old elves as mostly adult for most purposes but still not fully there.
Now, what I usually do is chuck most of the extremes out the window by saying that most dwarves lives to about 150 and most elves live until about 250. Their old age can be productive, and occasionally one lives until about 250 or 500, respectively. Or alternately, elves are immortal but aren't player races. I don't usually enjoy having effectively immortal races as player races, because it monkeys with all kinds of timeline mysteries. It's very hard to justify digging up ancient information from 2 centuries ago when two of the PCs were alive then. Not impossible, just hard. But I like to do that a lot, and this screen monkey is tired of jumping through that particular hoop.