Older workers have seen their wages come to a halt.

That's the takeaway from a new report by researchers at the Retirement Equity Lab at the New School for Social Research.

Weekly earnings for workers aged 55 to 64 were only 0.8% higher in the first quarter of 2019 than they were in the first quarter of 2007, after accounting for inflation, they found.

For comparison, earnings rose 4.7% during that same period for workers between the ages of 35 and 54.

As the wages of older workers peter out, the number of them in the workforce are only growing. Some 10,000 baby boomers turn 65 every day. More than half of the 11.4 million jobs expected to be added to the U.S. economy over the next seven years will be filled by workers over 55.

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Why are these workers getting the short end of the stick?

"The main reason people working at older ages don't have higher wages is because they don't have bargaining power, and the reason they don't have bargaining power is they don't have a good fallback pension," said Teresa Ghilarducci, an economics professor at the New School for Social Research.

"If everyone has a really secure pension plan, they can go to the labor market and bargain with employers," she said.

However, today less than half of older employees have access to a retirement plan though their job.