2023-08-07 07:18:00 ET
Social Security alone isn't enough to cover a retiree's living expenses. For someone who retired last year, Social Security will only replace about 37% of their earnings from employment. That leaves a big gap to fill, which will likely grow even wider for future retirees.
Because of that, those nearing retirement need to find ways to augment Social Security . Investing in high-quality dividend stocks is a great option. Enbridge (NYSE: ENB) , Williams (NYSE: WMB) , and NextEra Energy (NYSE: NEE) stand out to a few Fool.com contributors as excellent ways to potentially supplement Social Security. Here's why they think retirees should consider adding these dividend stocks to their portfolios.
Reuben Gregg Brewer (Enbridge): To get the dividend bonafides out of the way up front, Enbridge is offering investors a generous 7.1% dividend yield . The dividend has been increased annually for 28 consecutive years. The average annualized increase over the past decade was around 8%, though future increases are more likely to be in the low- to mid-single digits. That, however, should easily be enough to keep the buying power of your dividends on pace with the historical inflation growth rate.
For further details see:
Augment Your Social Security Check With These 3 Dividend Stocks