20 dividend stocks to fund 20 years of retirement

Each of these high-quality dividend stocks yields roughly 4%, and you can expect them to grow their payouts even more. That's a powerful 1-2 combo for retirement income.

  • By Brian Bollinger,
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The traditional retirement wisdom used to be the "4% rule." You would 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? If you're invested in a mix of dividend stocks, bonds and even a few growth equities, your money should last across a 30-year retirement.

But today's world is different. Interest rates and bond yields have been driven into the ground, reducing future expected returns. Exacerbating the problem: Americans are living longer than ever before.

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. Indeed, Simply Safe Dividends has even provided an in-depth guide about living on dividends in retirement.

Many companies in the market yield 4% or more. And if you rely on solid dividend stocks for that 4% annually, you won't have to worry as much about the market’s unpredictable fluctuations. Better still, because you likely won't have to eat away at your nest egg as much, you'll have a better chance of leaving your heirs with a sizable portfolio when the time comes.

Here are 20 high-quality dividend stocks, yielding on average well above 4%, that should fund at least 20 years of retirement, if not more. Each has paid uninterrupted dividends for more than two decades, has a fundamentally secure payout and has the potential to collectively grow its dividends to protect investors' purchasing power over time.

Data is as of Aug. 4.

Universal Health Realty Income Trust

Sector: Real estate

Market value: $982.5 million

Dividend yield: 3.9%

Universal Health Realty Income Trust (UHT) is a real estate investment trust (REIT) boasting 71 investments in health-care properties across 20 states. Nearly three-quarters of its portfolio is medical office buildings and clinics; these facilities are less dependent on federal and state health-care programs, reducing risk. But UHT also has hospitals, freestanding emergency departments and child-care centers under its umbrella.

The REIT was founded in 1986 and got its start by purchasing properties from Universal Health Services (UHS), which it then leased back to UHS under long-term contracts. UHS remains a financially strong company that accounts for about 20% of Universal Health Realty Income Trust's revenue today.

The firm has increased its dividend each year since its founding. However, unlike many dividend stocks that hike payouts once annually, UHT typically does so twice a year, albeit at a leisurely pace. The REIT's current 69-cent-per-share dividend is about 1.5% better than it was at this time in 2019.

But as long as management continues focusing on high-quality areas of health care that will benefit from America's aging population, the stock's dividend should remain safe and growing.


Sector: Industrials

Market value: $87.1 billion

Dividend yield: 3.9%

3M's (MMM) sprawling business includes more than 60,000 products sold worldwide to a wide variety of end markets, including auto, health care, electronics, industrial and transportation.

Despite the cyclical nature of many of its end markets, 3M has paid dividends without interruption for more than a century while rewarding shareholders with higher dividends for 62 consecutive years.

Since its founding in 1902, 3M has focused on developing or acquiring niche products that represent a relatively small cost of a total product for customers but are also mission-critical to the desired outcome.

Coupled with the fact that many of its products are consumables, driving repeat purchases, 3M has consistently earned double-digit operating margins and generated reliable free cash flow.

3M's conglomerate structure has created several challenges in recent years. Macro headwinds, slow-moving restructuring initiatives and various environment and product liabilities have weighted on its short-term outlook and dividend growth prospects.

However, 3M's diversified product line, healthy balance sheet (including an A+ credit rating from Standard & Poor's) and continued free cash flow generation seem likely to keep its dividend safe for income investors as they wait for a return to earnings growth.


Sector: Utilities

Market value: $7.0 billion

Dividend yield: 3.9%

UGI (UGI) is a diversified utility that has managed to increase its dividend for 33 consecutive years thanks to its predictable cash flow.

Approximately 60% of UGI's adjusted earnings are generated by distributing propane in the U.S. and Europe, including under the AmeriGas brand. Propane has many applications for households and businesses, including heating and cooking.

As the largest propane distributor in America and a leader in many of its European markets, UGI enjoys recurring demand for its services as its customers continue needing energy. Many of its customers do not have access to natural gas infrastructure, making propane their most practical source of energy for various applications.

Weather and changes in economic activity can impact short-term propane demand, but the low capital requirements of this business, coupled with UGI's scale, makes it a fairly predictable cash cow.

The rest of UGI's business is balanced between a regulated utility distributing gas and electricity in Pennsylvania and various midstream assets focused on natural gas in the Northeast.

Together, these businesses enabled UGI to generate stable or higher free cash flow each year during the 2007-09 financial crisis, and management expects the dividend to remain well covered by earnings during the COVID-19 pandemic.

Public Storage

Sector: Real estate

Market value: $35.2 billion

Dividend yield: 4.0%

Founded in 1972, Public Storage (PSA) is the world's largest owner of self-storage facilities and has paid dividends without interruption for almost 30 years.

"In general, the company's business model is attractive. PSA benefits from economies of scale (it is by far the largest storage company), brand recognition, and locations with high barriers to entry," writes Argus analyst Jacob Kilstein.

Self-storage warehouses generate excellent cash flow because they require relatively low operating and maintenance costs. Few customers are willing to deal with the hassle of moving to a rival facility to save a little money too, creating some switching costs.

And customers have historically prioritized making their self-storage rental payments. During the 2007-09 Great Recession, delinquency rates hovered around just 2%.

America's self-storage industry is dealing with a short-term rise in supply, making it even more competitive to acquire customers and increase rent. But PSA maintains a strong balance sheet and seems likely to remain a dependable dividend payer for years to come.

Consolidated Edison

Sector: Utilities

Market value: $25.4 billion

Dividend yield: 4.0%

Founded in 1823, regulated utility Consolidated Edison (ED) provides electric, gas and steam energy for 10 million people in New York City and surrounding areas.

Regulated utility operations account for about 90% of the firm's earnings, resulting in predictable returns over the decades.

Coupled with New York's ongoing need for reliable energy, Con Edison has managed to raise its dividend for 46 consecutive years. That's the longest string of annual dividend increases of any utility company in the S&P 500 (.SPX).

Looking ahead, Con Edison's dividend streak seems likely to continue, even despite the pandemic, which has resulted in lower commercial power use and higher bad debt costs.

About 87% of Con Edison's revenues are subject to what are known as regulatory recovery mechanisms such as revenue decoupling. Essentially, these policies ensure utilities continue earning enough revenue to cover their costs and earn a fair return, reducing the incentive to sell more power and helping offset pressure when consumption dips unexpectedly.

The utility stock also remains conservatively managed, as demonstrated by its BBB+ investment-grade credit rating from Standard & Poor's.

While Con Edison's pace of dividend growth will likely remain slow, its payout continues to appear like a safe bet so long as regulators remain supportive of the firm's needs during this unusual period of stress for New York City.


Sector: Communications

Market value: $239.6 billion

Dividend yield: 4.3%

Unlike rival AT&T, which has aggressively diversified its business into pay-TV and media content in recent years, Verizon (VZ) has mostly focused on its core wireless business lately. In fact, the company even restructured in 2018 to better focus on its rollout of 5G service.

Good news on that front, too: Verizon expects to deliver its mobile Ultra Wideband 5G service to 60 cities by the end of this year. Its 5G Home fixed wireless access should also be in 10 markets by 2020's end.

Thanks to its investments in network quality, the company remains at the top of RootMetrics' rankings of wireless reliability, speed and network performance. These qualities have resulted in a massive subscriber base which, combined with the non-discretionary nature of Verizon's services, make the firm a reliable cash cow.

In fact, Verizon and its predecessors have paid uninterrupted dividends for more than 30 years. Its dividend growth rate, like AT&T's, is hardly impressive – VZ's most recent payout hike was a mere 2% uptick in late 2019. But the yield is high among blue-chip dividend stocks, and the almost utility-like nature of Verizon's business should let it slowly chug along with similar increases going forward.

Realty Income

Sector: Real estate

Market value: $21.2 billion

Dividend yield: 4.5%

Realty Income (O) is an appealing income investment for retirees because it pays dividends every month. Impressively, Realty Income has paid an uninterrupted dividend for 600 consecutive months – one of the best track records of any REIT in the market.

The company owns more than 6,500 commercial real estate properties that are leased out to more than 600 tenants – including Walgreens (WBA), FedEx (FDX) and Dollar General (DG) – operating in 50 industries. These are mostly retail-focused businesses with strong financial health; nearly half of Realty Income's rent is derived from tenants with investment-grade ratings.

Importantly, Realty Income focuses on single-tenant commercial buildings leased out on a "triple net" basis. In other words, rents are "net" of taxes, maintenance and insurance, which tenants are responsible for. This, as well as the long-term nature of its leases, has resulted not only in very predictable cash flow, but earnings growth in 23 of the past 24 years.

"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," writes Morningstar equity analyst Kevin Brown. "This makes Realty Income one of the most dependable investments for income-oriented investors, even during the current coronavirus crisis."

Simply put, 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 here.

Duke Energy

Sector: Utilities

Market value: $62.2 billion

Dividend yield: 4.6%

Duke Energy (DUK) is about as steady as dividend stocks come. In fact, 2020 is the 94th consecutive year that the regulated utility paid a cash dividend on its common stock. It's no surprise that Duke appears on Simply Safe Dividends' list of the best recession-proof stocks.

The company services approximately 7.7 million retail electric customers across six states in the Midwest and Southeast. Duke Energy also distributes natural gas to more than 1.6 million customers across the Carolinas, Ohio, Kentucky and Tennessee. Most of these regions are characterized by constructive regulatory relationships and relatively solid demographics.

The company also maintains a strong investment-grade credit rating, which supports Duke's dividend … and substantial growth plans over the next few years. The utility plans to invest $50 billion between 2019 and 2023 to expand its regulated electric and gas earnings base. If everything goes as expected, Duke should generate 4% to 6% annual EPS growth through 2023, driving similar upside in its dividend.

"Duke's regulatory environment is consistent with its peers and is supported by better-than-average economic fundamentals in its key regions" writes Morningstar senior equity analyst Andrew Bischof. "These factors contribute to the returns Duke has earned and have led to a constructive working relationship with its regulators, the most critical component of a regulated utility's moat."

Southern Company

Sector: Utilities

Market value: $57.5 billion

Dividend yield: 4.7%

Regulated utilities are a source of generous dividends and predictable growth thanks to their recession-resistant business models. As a result, utility stocks tend to anchor many retirement portfolios.

Southern Company (SO) is no exception, with a track record of paying uninterrupted dividends since 1948. The utility serves 9 million electric and gas customers primarily across the southeast and Illinois.

While Southern Company experienced some bumps in recent years because of delays and cost overruns with some of its clean-coal and nuclear projects, the firm remains on solid financial ground with the worst behind it.

Morningstar equity analyst Charles Fishman, says that while the company's long-term 5% annual EPS growth is resilient, "uncertainties remain with respect to the impact of nuclear cost overruns, possible emissions legislation, and other fossil-fuel regulations."

"However, compliance measures could prove to be less painful to shareholders than some might expect and could actually boost earnings due to rate base growth. We expect regulators will allow Southern to pass most of the incremental costs on to customers, preserving the firm's long-term earnings power."

When combined with the company's payout ratio around 80%, which is reasonable for a regulated utility, Southern is positioned to continue rewarding shareholders with generous, moderately growing dividends.

Monmouth Real Estate Investment Corporation

Sector: Real estate

Market value: $1.4 billion

Dividend yield: 4.7%

Monmouth Real Estate Investment Corporation (MNR) is an industrial-property REIT that was founded in 1968. The company rents out its nearly 120 industrial properties under long-term leases to mostly investment-grade tenants (81% of Monmouth's revenue). Monmouth's tenants include Ulta Beauty (ULTA), Best Buy (BBY) and Coca-Cola (KO).

Monmouth properties are relatively new, featuring a weighted average building age of just more than nine years. Its real estate also is primarily located near airports, transportation hubs and manufacturing facilities that are critical to its tenants' operations.

The result is a cash-rich business model that has paid uninterrupted dividends for 28 consecutive years. But management hasn't raised dividends for a while; the last improvement was a 6.25% hike in October 2017.

Still, the REIT sports a nice 99.4% portfolio occupancy rate and growing funds from operations (FFO, an important profitability metric for real estate investment trusts). Thus, shareholders may be in for more income growth down the road.


Sector: Communications

Market value: 11.4 billion

Dividend yield: 4.9%

Omnicom (OMC) has paid uninterrupted dividends since it was formed in 1986 by the merger of several large advertising conglomerates. The provider of advertising and marketing services serves more than 5,000 clients in over 70 countries.

No industry exceeds 15% of total revenue, and over 40% of sales are derived outside of the U.S.

Many clients prefer to work with only a couple of agencies in order to maximize their negotiating leverage and the efficiency of their marketing spend.

As one of the largest agency networks in the world with decades of experience, Omnicom is uniquely positioned to serve multinational clients with a complete suite of services.

That said, the marketing world is evolving as digital media continues to surge.

Alphabet (GOOGL), Facebook (FB), Amazon (AMZN), Accenture (ACN) and other non-traditional rivals are all trying to get a piece of these fast-growing advertising markets.

While the global advertising market seems likely to continue expanding with the economy over time, it will be important for Omnicom to maintain its strong client relationships and continue adapting its portfolio to remain relevant.

"The emergence and growth of digital media, which has brought along more below the line, or a more targeted marketing and advertising platform, has also driven increased consolidation within the ad space," writes Ali Mogharabi, senior equity analyst at Morningstar, "as Omnicom and its peers have acquired various smaller agencies that focused on the growing digital advertising niche within the overall ad space."

With larger clients preferring multichannel advertising campaigns, these deals are expected to help make Omnicom "platform-agnostic and one-stop shops."

Omnicom's large size and diverse mix of business limit its growth potential. But its strong balance sheet, predictable free cash flow, and ongoing commitment to its dividend likely make OMC a safe bet for income investors.


Sector: Industrials

Market value: $451.3 million

Dividend yield: 5.2%

Ennis (EBF) is a wonderfully boring stock, selling business products and forms such as labels, tags, envelopes and presentation folders. The company, founded in 1909, has grown via acquisitions to serve more than 40,000 distributors today.

While the world is becoming increasingly digital, Ennis has carved out a nice niche, as 95% of the business products it manufactures are tailor-made to a customer's unique specifications for size, color, parts and quantities. This is a diversified business, too, with no customer representing more than 5% of company-wide sales.

Ennis is a cash cow that has paid uninterrupted dividends for more than two decades. While the company's payout has remained unchanged for years at a time throughout history, management has started to more aggressively return capital to shareholders, including double-digit dividend raises in 2017 and 2018.

Ennis last announced a 12.5% dividend increase in June 2018, reflecting its solid financial health. In fact, Ennis holds more cash than debt. Meanwhile, its payout ratio of 71%, while elevated, still leaves enough room for modest dividend raises going forward, should it choose.

Ennis will never be a fast-growing business. But if you're looking for a hefty yield from your dividend stocks, EBF doles out more than 5%. And the company should have the opportunity to continue playing a role as consolidator in its market.

Toronto-Dominion Bank

Sector: Financials

Market value: $80.6 billion

Dividend yield: 5.3%

Toronto-Dominion Bank (TD) is one of North America's largest financial institutions. The bank’s revenue is balanced between simple lending operations such as home mortgages and fee-based businesses such as insurance, asset management and card services. Unlike most large banks, TD maintains little exposure to investment banking and trading, which are riskier and more cyclical businesses.

As one of the 10 largest banks on the continent, TD's extensive reach and network of retail locations has provided it with a substantial base of low-cost deposits. This helps the company's lending operations earn a healthy spread and provides the bank with more flexibility to expand the product lines it can offer.

Shareholders have received cash distributions since 1857, making TD one of the oldest continuous payers among all dividend stocks. A conservative corporate culture and strong investment-grade rating are reasons to believe in the sustainability of the dividend going forward.

National Retail Properties

Sector: Real estate

Market value: $6.2 billion

Dividend yield: 5.8%

National Retail Properties (NNN) has increased its dividend for 30 consecutive years. For perspective, only two other publicly traded REITs in America have raised their dividends for an equal amount of time or longer.

This REIT owns approximately 3,100 freestanding properties that are leased out to more than 380 retail tenants – including 7-Eleven, Mister Car Wash and Camping World (CWH) – operating across more than 35 lines of trade. No industry represents more than 18.1% of total revenue, and properties are primarily used by e-commerce-resistant businesses such as convenience stores and restaurants.

Like Realty Income, National Retail is a triple-net-lease REIT that benefits from long-term leases, with initial terms that stretch as far as 20 years. Its portfolio occupancy as of mid-year 2020 was 98.7%; it hasn't dipped below 96% since 2003, either – a testament to management's focus on quality real estate locations.

National Retail's dividend remains on solid ground, even as the retail world evolves.

"Management has approached the pandemic with a long-term view. To this point, the company has approached tenants with this same principle, and wanted to work with their long-term customers to ensure the best outcome for all involved," Stifel analysts wrote in a recent note. "As a result, the company has heard very positive feedback from its tenants, and continues to believe these relationships are especially important to the company's long-term success."

W.P. Carey

Sector: Real estate

Market value: $12.4 billion

Dividend yield: 5.9%

W.P. Carey (WPC) is a large, well-diversified REIT with a portfolio of "operationally-critical commercial real estate," as the company describes it. More specifically, W.P. Carey owns more than 1,200 industrial, warehouse, office and retail properties.

The company's properties are leased out to more than 350 tenants under long-term contracts, with 99% of its leases containing contractual rent increases. W.P. Carey's operations are also nicely diversified – more than a third of its revenue is generated outside of the U.S., its top 10 tenants represent less than 22% of its rent, and its largest industry exposure is about 22% of its revenue.

REITs, as a sector, are among the highest-yielding dividend stocks on the market given a structure that literally mandates they pay out 90% of their profits as cash distributions to shareholders. But W.P. Carey and its 5.9% 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. It should have little trouble continuing that streak for the foreseeable future.


Sector: Energy

Market value: $161.5 billion

Dividend yield: 6.0%

Chevron (CVX) is arguably the best positioned and most committed oil major to continue paying its dividend during these turbulent times in the energy sector.

The company's net debt-to-capital ratio, which measures the portion of a company's financing that is from debt, was 13% at the end of 2019, well below the 20% to 30% average of its peers.

As a result of its superior balance sheet capacity, as well as moves made to shore up its liquidity in the meantime, Chevron can afford to wait longer for oil prices to improve while maintaining its dividend.

In fact, management has estimated that Chevron's net debt ratio would not exceed 25% even if Brent oil prices averaged $30 per barrel in 2020-21 and it borrowed to help cover its dividend.

With 33 consecutive years of dividend increases, this integrated energy giant is committed to protect its status as a Dividend Aristocrat.

Chevron ultimately needs oil prices to increase to about $55 per barrel to cover its dividend capital expenditures with operating cash flow only.

But its balance sheet strength and unwavering commitment to its dividend for the foreseeable future make it an interesting contrarian idea for income investors who are interested in a relatively lower-risk energy stock.


Sector: Communications

Market value: $213.8 billion

Dividend yield: 6.9%

AT&T (T) is a Dividend Aristocrat that has paid higher dividends for 36 consecutive years, and it's also featured on Simply Safe Dividends' best high-dividend stocks list.

But the company has undergone some rather dramatic business changes in recent years. From acquiring DirecTV to merging with Time Warner, AT&T has morphed into a true media conglomerate with more than 370 million direct-to-consumer relationships across wireless, internet and video.

AT&T is bundling together its unique assets to increase the value of its customer relationships, reduce churn and develop a sizable advertising business. It will take years to assess the success of management's chess moves, which have significantly increased the firm's debt load, but the dividend appears to remain on reasonably solid ground.

In fact, management expects the company's free cash flow (FCF, the cash profits a company generates after making necessary capital expenditures) payout ratio to sit around the "60% range" by the end of this year, according to CFO John Stephens.

While AT&T's pace of dividend growth will remain moderate during this period, its high yield will provide income investors with some nice compensation as the business digests its recent deals and works on evolving for the future.


Sector: Energy

Market value: $66.8 billion

Dividend yield: 7.3%

Canada's Enbridge (ENB) offers a combination of very high yield and growth rarely seen in most dividend stocks – and it should continue to do so for at least for the next few years.

Enbridge owns a network of transportation and storage assets connecting some of North America's most important oil- and gas-producing regions. As the continent's energy production grows over the years ahead – thanks largely to advances in low-cost shale drilling – demand also should increase for many of Enbridge's pipeline-focused capabilities.

ENB is recovering from COVID impacts to its business, too. "During its conference call, ENB spent time discussing Mainline volumes and the outlook for the remainder of the year," write UBS analysts, who maintain their Buy rating but increased their 2020 and 2021 adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) estimates. "With the exception of another economic shutdown, ENB expects year end Mainline volumes to be closer to 1Q20 volumes."

That said, the dividend gives shareholders plenty of cushion; the midstream energy stock yields north of 7%. That's thanks in part to a nearly 10% improvement to the payout earlier this year.

Pembina Pipeline

Sector: Energy

Market value: $14.0 billion

Dividend yield: 7.4%

Pembina Pipeline (PBA) began paying dividends after going public in 1997 and has maintained uninterrupted payouts ever since. The pipeline operator transports oil, natural gas and natural gas liquids primarily across western Canada.

Energy markets are notoriously volatile, but Pembina has managed to deliver such steady payouts because of its business model, which is underpinned by long-term, fee-for-service contracts.

In fact, management has a target of generating 80% of Pembina's EBITDA (earnings before interest, taxes, depreciation and amortization) from fee-based activities in 2020, though that's estimated to hit 90%-95% this year. The firm's dividend is expected to remain more than covered by fee-based distributable cash flow (DCF, an important cash metric for pipeline companies), providing a nice margin of safety. For comparison's sake, its payout represented 135% of its DCF in 2015; it's expected to be just 70%-75% this year.)

The dividend is further protected by Pembina's investment-grade credit rating, focus on generating at least 75% of its cash flow from investment-grade counterparties, and self-funded organic growth profile.

Pembina's financial guardrails and tollbooth-like business model should help PBA continue to produce safe dividends for years to come.

Enterprise Products Partners LP

Sector: Energy

Market value: $38.9 billion

Distribution yield: 10.0%*

Enterprise Products Partners LP (EPD), a master limited partnership (MLP), is one of America's largest midstream energy companies. It owns and operates more than 50,000 miles of pipelines, as well as storage facilities, processing plants and export terminals across America.

This MLP is connected to every major shale basin as well as many refineries, helping move natural gas liquids, crude oil and natural gas from where they are produced by upstream companies to where they are in demand.

Approximately 85% of Enterprise's gross operating margin is from fee-based activities, reducing its sensitivity to volatile energy prices. The firm also boasts one of the strongest investment-grade credit ratings in its industry and maintains a conservative payout ratio. Its DCF for the second quarter of 2020 was 160% of what it needed to cover its distribution.

That distribution keeps swelling, too. Enterprise not only has paid higher distributions every year since it began making distributions in 1998, but it raises those payouts on a quarterly basis, not just once a year.

The firm's future looks bright thanks to its "strategically-located assets, diverse cash flows and organic growth potential, particularly with regard to Gulf Coast export markets," writes CFRA equity analyst Stewart Glickman.

Investors can learn more from Simply Safe Dividends about how to evaluate MLPs here.

* 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 ED, MMM, OMC and PSA as of this writing.

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