Retirees: 2 Top Dividend Stocks for Passive Income

Many Canadian retirees have been concerned about their investment returns since the onset of COVID-19. The global health crisis disrupted financial markets, throwing a spanner in the retirement plans for many older Canadian citizens.

From being months away from retirement, many Canadian seniors may have even considered working even after their ideal retirement age to ensure that they have enough to support themselves during the best years of their lives . However, making the right investments with your savings might allow you the opportunity to resume your original retirement plan.

Dividend investing is one of the best methods to generate reliable returns on your investment. Investing a significant amount in the right income-generating assets could provide you with the passive income you might need to supplement your pension income for a more comfortable retired life.

Today, I will discuss two of the top dividend stocks you could consider investing in to build such a portfolio of stocks to supplement your retirement income. Fortis

Fortis (TSX:FTS) (NYSE:FTS) is a $28.36 billion market capitalization giant in the utility industry. The utility holdings company operates several regulated electric utility businesses throughout Canada, the U.S., Central America, and the Caribbean. It generates most of its revenues through regulated assets. It means that Fortis generates predictable cash flows.

The company’s management can comfortably use its stable and predictable income to fund its capital investment programs and raise shareholder dividends. Fortis stock is also a Canadian Dividend Aristocrat with a 48-year dividend-growth streak. At writing, Fortis stock trades for $60.07 per share, and it boasts a juicy 3.56% dividend yield that you could lock into your portfolio today. Bank of Nova Scotia

Bank of Nova Scotia (TSX:BNS) (NYSE:BNS) is one of the Big Six Canadian banks and has a massive $112.87 billion market capitalization. Headquartered in Toronto, Scotiabank […]

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