20 Dividend Stocks to Fund 20 Years of Retirement
Each of these high-quality dividend stocks boast attractive yields, and you can expect them to grow their payouts even more. That's a powerful 1-2 combo for retirement income.
By Brian Bollinger
Once upon a time, if you were planning to retire, the traditional wisdom was the "4% rule." You withdraw 4% of your savings in the first year of retirement, followed by "pay raises" in each subsequent year to account for inflation. The idea is that, if you're invested in a mix of dividend stocks, bonds and even a few growth equities, your money should last across a 20-year retirement.
But the world looks much different today. Stocks and bonds are slumping as interest rates jump from historic lows, making future expected returns and withdrawal rates less comfortable to forecast. Complicating retirement planning even further is the fact Americans are living longer than ever before and face the highest rate of inflation in a generation.
If you're wondering how to retire without facing the uncomfortable decision of what securities to sell, or questioning whether you are at risk of outliving your savings, wonder no more. You can lean on the cash from dividend stocks to fund a substantial portion of your retirement without touching your principal. Indeed, Simply Safe Dividends has even provided an in-depth guide about living on dividends in retirement (opens in new tab).
With the market selling off in 2022, investors can find many stocks yielding 4% or more currently. And if you rely on solid dividend stocks for that 4% annually, you won't have to worry as much about where the market heads from here so long as those payouts remain on solid ground.
Read on as we explore 20 high-quality dividend stocks that should fund at least 20 years of retirement, if not more. Most of the names featured here yield well above 4%, and each has paid uninterrupted dividends for more than two decades, has a fundamentally secure payout and has the potential to keep growing its dividends to protect investors' purchasing power over time.
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Data is as of June 2. Stocks listed in reverse order of yield. Dividend yields are calculated by annualizing the most recent payout and dividing by the share price.
Sector: Energy
Market value: $345.8 billion
Chevron (CVX (opens in new tab), $176.00) has weathered many energy booms and busts since the firm's humble beginnings in 1879 when an oilfield was discovered in California. Over the years, the oil major has consistently been one of the most committed energy companies to its dividend, having made uninterrupted payouts since 1912.
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This stellar track record reflects management's conservative approach to running the business. Chevron maintains a conservative amount of leverage, earning the company a pristine AA- credit rating and providing borrowing capacity to protect the dividend whenever oil prices experience a cyclical decline.
By continuously investing in technology and taking out costs, Chevron has also reduced the price of oil it needs to cover its capital spending and dividend to just $50 per barrel, down from $55 in 2019 and the $80s not long before that.
Overall, this integrated energy giant has both the commitment and the ability to protect its status as a Dividend Aristocrat in almost any environment. Investors looking for the best dividend stocks for retirement will find one in CVX, but they must be comfortable with the energy sector's high volatility and gradual transition to cleaner fuels.
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Sector: Utilities
Market value: $9.5 billion
UGI (UGI (opens in new tab), $44.28) has paid dividends every year without interruption for 138 years and has raised its payout for 35 consecutive years. The regulated gas utility, propane distributor and midstream services provider owns a mix of essential businesses that produce dependable cash flow in all manner of environments.
Even during the financial crisis of 2007-2009 and the pandemic of 2020, The company's operating cash flow remained resilient as homes and businesses continued to depend on gas and propane for heating, cooking and other critical needs.
UGI is also looking to the future, acknowledging that its fossil fuel-dependent business may need to eventually transition to cleaner energy. The company is expanding its exposure to renewable sources of natural gas and propane, including gas harvested from landfills, and expects to leverage its infrastructure with other cleaner energy sources such as hydrogen.
Overall, UGI expects to generate 6% to 10% annual earnings per share growth over the long term. This will fuel 4% annual dividend growth, keeping UGI an appealing stock to help fund retirement.
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Sector: Industrials
The world's largest package delivery company, United Parcel Service (UPS (opens in new tab), $180.23) has been in business since 1907. Despite operating an extremely capital-intensive business, UPS has paid uninterrupted dividends since 1969, reflecting several competitive advantages.
Most notably, few companies can afford to invest in the global fleet of trucks, aircraft and distribution facilities required to deliver millions of packages per day in a timely and reasonably affordable manner.
This hard-to-replicate network of assets should see higher utilization in the years ahead as e-commerce growth increases the number of packages moved worldwide. According to market research firm Grand View Research, the global e-commerce market is expected to grow 14.7% annually through 2027. As this plays out, UPS has an opportunity to spread its high fixed costs over a larger number of goods, improving its operating efficiency and profitability.
While Amazon.com (AMZN (opens in new tab)) has made inroads establishing its own delivery network over the past decade, the continued rise of online shopping should provide a healthy amount of growth opportunities worldwide for the industry and keep UPS's dividend on solid footing.
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Market value: $86.1 billion
Duke Energy (DUK (opens in new tab), $111.79) has established itself as one of the steadiest dividend stocks in the market. In fact, 2022 marks the 96th straight year that the regulated utility has paid a cash dividend on its common stock. Unsurprisingly, Duke appears on Simply Safe Dividends' list of the best recession-proof stocks (opens in new tab).
Argus Research analyst Marie Ferguson views Duke positively as well, noting that the largest electric utility in America "benefits from its presence in fast-growing states such as North and South Carolina and Florida as well as from its strong balance sheet."
Duke's investment-grade credit rating supports the company's plans to continue modernizing its infrastructure and build out its portfolio of renewables. Management targets 5% to 7% annual earnings per share (EPS) growth through 2026, which should support a similar pace of dividend growth for income investors – and keep DUK on this list of the best dividend stocks for retirement.
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Sector: Consumer staples
Founded in 1872, Kimberly-Clark (KMB (opens in new tab), $131.79) is one of the oldest Dividend Aristocrats with a track record of 49 consecutive annual dividend increases. The consumer staples giant sells a variety of tissue and hygiene products under well-known brands such as Huggies, Kleenex and Scott.
Kimberly-Clark's products are so popular that they are used by one-quarter of the world's population daily. The company has built leading market positions through its hefty advertising investments and innovation, including inventing five of the eight major product categories it competes in.
Diapers, paper towels, tissues and toilet paper are very mature product categories with demand generally tied to population growth. However, their essential nature makes Kimberly-Clark a cash cow in all types of economic environments.
Along with the firm's investment-grade balance sheet and meaningful presence in faster-growing emerging markets, Kimberly-Clark should remain one of the most dependable dividend stocks for retirement, with modest growth potential to boot.
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Southern Co.
Regulated utility companies often provide generous dividends and dependable growth due to their recession-proof business models. This has made utility stocks popular holdings in many retirement-oriented portfolios.
Southern Co. (SO (opens in new tab), $75.95) is no exception, having paid dividends without interruption since 1948. The utility serves 9 million electric and gas customers primarily across the southeastern U.S.
Southern's footprint in states such as Georgia and Alabama give the utility several appealing traits. "Southern benefits from favorable regulatory environments and fastest-growing local economies in its service territories," writes Morningstar strategist Travis Miller about SO's rate-regulated utilities.
The result is a predictable business with constructive regulatory relationships, helping Southern in recent years maneuver through a rocky stretch of delays and cost overruns with some of its clean-coal and nuclear projects.
Looking ahead, Southern targets 5% to 7% annual adjusted EPS growth – and dividend growth could soon accelerate to match that pace as Southern completes work on its nuclear power plants. The utility is one of the best dividend stocks for retirement that should continue extending its 21-year payout growth streak.
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(Image credit: Getty Image)
Toronto-Dominion Bank
Sector: Financials
Toronto-Dominion Bank's (TD (opens in new tab), $77.04) earliest predecessor was founded in 1855 by a group of grain millers, marking the humble beginning of what would become one of the largest financial institutions in North America.
TD generates most of its revenue from basic lending businesses such as home mortgages and fees from insurance products, asset management and card services. Compared to many other big banks, TD has relatively little exposure to riskier and more cyclical businesses such as investment banking and trading.
TD's conservatism is also reflected in its financial practices. The bank maintains capital ratios much higher than the minimum levels required by regulators, providing ample cushion to absorb credit losses during economic downturns without threatening Toronto-Dominion Bank's solvency or ability to pay dividends. The firm's AA-credit rating from Standard & Poor's is another testament to its financial strength.
Management's conservatism has helped TD weather many economic cycles to become one of the 10 largest banks in North America. Its scale and network of retail locations has given it a massive base of low-cost deposits, enabling its lending operations to earn a healthy margin and providing the bank with opportunities to offer a wider range of products to clients.
TD's disciplined approach has helped the bank pay uninterrupted dividends since 1857, marking one of the longest streaks of any company. With the Canadian Dividend Aristocrat remaining well-capitalized, income investors can bet on this streak continuing.
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Old Republic International
While the insurance industry is known for its cutthroat competition and cyclicality, Old Republic International (ORI (opens in new tab), $23.60) has established a reputation for being one of the most reliable dividend stocks in the space. The firm has paid a dividend without interruption since 1942, while raising its payout for 41 consecutive years.
Old Republic's revenue is balanced between general insurance – which includes workers compensation, trucking insurance, home warranty and other lines – and title insurance offered to real estate purchasers.
Thanks to over 70 years of risk management expertise, Old Republic's general insurance operations have turned an underwriting profit in 14 of the past 15 years. And title insurance further reduces underwriting volatility because this business typically has minimal losses and requires little capital.
Looking ahead, Old Republic maintains a strong capital position to ensure it can weather virtually any industry downturn. Coupled with a healthy payout ratio below 50%, the insurer should remain one of the best dividend stocks for retirees.
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One of the largest global investment managers with over $1 trillion in assets under management, Baltimore-based T. Rowe Price (TROW (opens in new tab), $127.09) has been a trusted name in the industry since its founding in 1937.
The money manager offers a slew of retirement-focused mutual funds, separately managed accounts and advisory services for individual and institutional investors. T. Rowe generates most of its revenue from charging fees generally assessed as a percentage of assets under management.
This is a cyclical business as the value of clients' assets is tightly linked with the unpredictable short-term performance of equity and fixed income markets. However, T. Rowe has managed to raise its dividend each year since the company went public in 1986.
The Dividend Aristocrat's impressive track record reflects its conservatism, including a debt-free balance sheet and long-term investment strategies that have generally outperformed their peers over time to help retain clients.
While cheaper passive products continue to temper organic growth prospects for active managers such as T. Rowe, active strategies are needed to keep markets functioning efficiently. Coupled with the market's long-term appreciation, which pulls assets under management and thus fees higher, T. Rowe seems likely to remain one of the most reliable dividend stocks for retirement portfolios.
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OGE Energy
Founded over a century ago, OGE Energy (OGE (opens in new tab), $41.11) is an electric utility that generates most of its earnings generating and distributing power in Oklahoma. This regulated, recession-proof business has provided stable profits over the years, helping OGE pay uninterrupted dividends since 1947.
The company took additional action to improve the stability of its business model in 2021 by deciding to exit an investment it had in a midstream company. While midstream services providers generate substantial cash flow, they can be more volatile given their exposure to the energy industry.
This divestiture increased OGE's payout ratio above management's 65% to 70% long-term target. But the company remains very committed to its dividend, which will likely grow at a low single-digit pace for several years until OGE's payout ratio normalizes.
Looking further out, OGE targets 5% to 7% annual EPS growth and is seeing "improving regulation at its core Oklahoma operations," according to Morningstar strategist Travis Miller. Along with an investment-grade balance sheet and highly visible earnings stream, these qualities should keep OGE among the best dividend stocks for retirement portfolios.
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Realty Income
Sector: Real estate
Realty Income (O (opens in new tab), $68.44) appeals to many retirees as an income investment because it pays monthly dividends and has done so very predictably. In fact, Realty Income has paid uninterrupted dividends for 622 consecutive months, giving the retail real estate investment trust (REIT) one of the best track records in the market.
The company's real estate portfolio is highly diversified, with over 11,000 commercial properties leased out to approximately 1,090 tenants operating in 70 industries. Management also believes over 90% of the firm's rent is resilient to economic downturns or isolated from e-commerce pressures, providing defensive positioning as the brick-and-mortar real estate industry evolves.
This positioning, plus Realty Income's long-term leases, has helped the REIT grow its earnings in 25 of the last 26 years, including the 2020 pandemic.
Morningstar equity analyst Kevin Brown appreciates the REIT's resilient nature as well. "The steady, stable stream of revenue has allowed Realty Income to be one of only two REITs that are both members of the S&P High-Yield Dividend Aristocrats Index and have a credit rating of A- or better," Brown writes. "This makes Realty Income one of the most dependable investments for income-oriented investors, even during the current coronavirus crisis."
Ultimately, Realty Income is one of the most dependable dividend growth stocks for retirement. Investors can learn more from Simply Safe Dividends about how to evaluate REITs.
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Washington Trust Bancorp
Market value: $869.3 million
Founded in 1800, Washington Trust Bancorp (WASH (opens in new tab), $50.09) is the oldest community bank in America and the largest state-chartered bank headquartered in Rhode Island.
The small-cap regional bank stock offers a full range of financial services primarily in Rhode Island, Massachusetts and Connecticut. Approximately two-thirds of Washington Trust's revenue is from lending businesses, but the firm generates fees from wealth management and mortgage banking services as well. These divisions deliver steadier profits over a full economic cycle.
In fact, the bank's earnings grew during the pandemic in 2020, reflecting both its diverse earnings stream and management's conservative, time-tested underwriting.
Even if Washington Trust's profits were to fall during a recession, the bank is very well capitalized, providing a healthy cushion from which to absorb loan losses while keeping the dividend safe.
Overall, Washington Trust's prudent management has helped the bank maintain or grow its dividend each year since 1992. While the bank may not be a household name, it represents a potentially appealing income play among financial stocks.
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Pinnacle West Capital
Operating in Arizona, Pinnacle West Capital (PNW (opens in new tab), $77.58) is the state's largest and longest-serving electric company. The regulated utility serves 1.3 million households and businesses across the state, with approximately half of its power generated from clean energy sources.
Arizona's demographics give PNW one of the strongest underlying growth profiles in the sector. Relatively brisk increases in housing and employment make Arizona one of the fastest-growing states in the country, providing Pinnacle West with more customers to serve over time.
However, in recent years, Pinnacle's relationship with the state's utility regulator has deteriorated. In 2021, the utility's allowed return on equity was slashed, reducing Pinnacle's earnings and causing S&P Global Ratings to downgrade the firm's credit profile one notch to a BBB+ rating.
Despite this setback, management remained committed to the dividend, announcing a raise shortly after the regulatory ruling. While dividend growth will remain slower than usual until Pinnacle's payout ratio returns to management's 65% to 75% target range, the utility should continue its track record of uninterrupted dividends since 1994.
Overall, Pinnacle's attractive organic growth profile and dividend commitment make the stock an appealing income investment despite short-term friction with regulators.
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Leggett & Platt
Sector: Consumer discretionary
Leggett & Platt (LEG (opens in new tab), $39.24) manufactures a wide array of engineered components used in bedding, cars, flooring, furniture and other consumer durable goods. Despite serving cyclical end markets, the 139-year-old company and Dividend King has increased its dividend for 51 consecutive years.
LEG's consistent dividend growth reflects the firm's focus on making components such as mattress springs, seat frames and recliner mechanisms that are functionally essential but represent a relatively small portion of a product's total cost.
Coupled with the company's long-standing customer relationships and lower-cost vertically integrated operating structure, the consumer discretionary stock has established a leading position in most of its markets.
Continued expansion of its addressable markets is expected to fuel 6% to 9% annual sales growth over time, which should keep Leggett's dividend climbing higher as well.
Income investors looking for the best dividend stocks for retirement will definitely want to keep LEG on their radar.
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Pembina Pipeline
Since going public in 1997, Pembina Pipeline (PBA (opens in new tab), $41.68) has paid dividends without interruption. The pipeline operator moves oil, natural gas and natural gas liquids primarily across western Canada.
Despite serving volatile energy markets, Pembina's business model has demonstrated stability suitable for paying reliable dividends thanks to its emphasis on midstream services backed by long-term, fee-for-service contracts.
In fact, management targets at least 80% of Pembina's EBITDA (earnings before interest, taxes, depreciation and amortization) to come from fee-based activities, with take-or-pay contracts representing the majority.
Along with the firm's conservative payout ratio, strong BBB credit rating, and self-funded organic growth profile, Pembina's dividend should remain safe and growing for years to come. This is good news for income investors seeking out the best dividend stocks for retirement.
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National Retail Properties
Only 86 out of the more than 10,000 publicly traded companies have raised their dividends for at least 32 consecutive years. National Retail Properties (NNN (opens in new tab), $44.01) is one of them.
National Retail is one of the largest REITs in the U.S., owning 3,271 properties that span 48 states. These freestanding locations are leased to more than 370 tenants in 37 industries.
While parts of brick-and-mortar retail are under pressure as online shopping continues to blossom, National Retail has focused its portfolio on more resilient types of businesses such as convenience stores, automotive service shops and restaurants. Top tenants include 7-Eleven, Mister Car Wash and Camping World (CWH (opens in new tab)).
Coupled with the REIT's long-term leases and diversified tenant base, with no single tenant exceeding 5% of rent, National Retail generates predictable cash flow. This means that NNN's payout should remain well protected going forward. So even with modest growth prospects, National Retail Properties remains one of the best dividend stocks for retirement.
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Sector: Communications
Verizon (VZ (opens in new tab), $51.29) was technically formed in 2000 when telecom titans Bell Atlantic and GTE merged, but the firm's predecessors have roots dating back to the 1800s when the telephone was patented by Alexander Graham Bell.
While the communications industry has undergone substantial change in the last few decades alone, Verizon has maintained an unwavering focus on providing the most reliable phone service.
Substantial investments in network quality have routinely kept Verizon at or near the top of RootMetrics' rankings of overall performance. Coupled with the oligopolistic nature of the wireless services industry, Verizon has amassed a sizable subscriber base for its non-discretionary mobile services, making the firm a recession-resistant cash cow.
In fact, Verizon and its predecessors have paid dividends without interruption for over 30 years. Simply Safe Dividends has assigned Verizon a "Very Safe" Dividend Safety Score as well, reflecting a high level of confidence in the firm continuing to maintain its payout going forward.
While dividend growth has hovered in the low single-digits for many years, Verizon should remain a high-yielding ballast in retirement portfolios seeking capital preservation and reliable income.
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W.P. Carey
Founded in 1973, W.P. Carey (WPC (opens in new tab), $83.99) owns over 1,300 industrial, warehouse, office and retail properties located primarily in the U.S. and Europe. The large, well-diversified REIT leases its properties out to about 350 tenants under long-term contracts, with 99% of leases containing contractual rent increases.
In addition to a 98.5% occupancy rate, reflecting the REIT's focus on owning mission-critical properties such as key distribution facilities and top-performing retail stores, W.P. Carey has generated predictable cash flow over the decades.
REITs, as a sector, are among the highest-yielding dividend stocks on the market since their business structure literally mandates that they pay out 90% of their profits as cash distributions to shareholders. But W.P. Carey and its 5.0% yield stick out. Better still, thanks to its aforementioned qualities, as well as its strong credit and conservative management, WPC has paid higher dividends every year since going public in 1998.
With solid earnings visibility and an investment-grade balance sheet, W.P. Carey should remain one of the best dividend stocks for retirement portfolios going forward.
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Canada-based Enbridge (ENB (opens in new tab), $46.93) owns and operates a network of transportation and storage assets connecting many of North America's largest oil- and gas-producing regions. While midstream providers generally have minimal direct exposure to volatile energy prices, management has especially positioned Enbridge defensively.
According to CFRA Research analyst Stewart Glickman, the midstream giant is "capable of self-funding both its growth capex needs as well as its dividends via operating cash flow, which leaves it in the position of not relying on external capital markets to do so."
While energy market downturns can get some pipeline operators into trouble when their access to financing dries up, Enbridge's conservative payout ratio, reasonable investment plans, and BBB+ credit rating should protect its capital allocation plans.
These plans include the energy stock's reliable dividend, which has been increased for 27 consecutive years. With a dividend yield near 6% and plans to grow distributable cash flow per share by 5% to 7% over time, Enbridge offers retired investors an attractive combination of income and growth.
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Enterprise Products Partners LP
Distribution yield: 6.7%*
Founded in 1968, Enterprise Products Partners LP (EPD (opens in new tab), $28.14), a master limited partnership (MLP), is one of America's largest midstream services providers. The firm owns and operates over 50,000 miles of pipelines, in addition to storage facilities, processing plants, and export terminals across the U.S.
Enterprise's infrastructure connects to major shale basins and many refineries to help move natural gas liquids, oil and natural gas from where it is produced by upstream companies to where it is needed across the country.
These essential services provide predictable fees, which account for about 82% of Enterprise's gross operating margin and help insulate the firm from fluctuations in volatile energy prices.
Coupled with Enterprise's industry-leading BBB+ credit rating and conservative distribution coverage, the firm has managed to raise its payout each year since 1998.
This trend seems likely to continue. Enterprise's "2022 distribution coverage ratio should remain solid" thanks to strong demand for natural gas liquids, providing plenty of room for payout growth, says CFRA Research analyst Stewart Glickman.
Investors can learn more from Simply Safe Dividends about how to evaluate MLPs (opens in new tab).
* Distributions are similar to dividends but are treated as tax-deferred returns of capital and require different paperwork come tax time.
Brian Bollinger was long ORI, VZ, NNN, SO, DUK, WPC, LEG, UPS, and KMB as of this writing.
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Lists Investing for Income Duke Energy (DUK) Realty Income (O) Old Republic International (ORI) Enbridge (ENB) Kimberly-Clark (KMB) United Parcel Service (UPS) T. Rowe Price (TROW) Southern (SO) Chevron (CVX) Enterprise Products Partners LP (EPD) Verizon Communications (VZ) Leggett & Platt (LEG) W.P. Carey (WPC) galleryarticle
Brian Bollinger
Contributing Writer, Kiplinger.com
Brian Bollinger is President of Simply Safe Dividends, a company that provides online tools and research designed to help investors generate safe retirement income from dividend stocks without the high fees associated with many other financial products.
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