Dividend investing with the right income-generating assets can be a suitable way to use your savings for any investor. As a younger investor, you can have an investment horizon long enough to delve into riskier investments that could offer long-term growth.
However, older Canadian adults who are nearing retirement or are right on the cusp of it might prefer safer investments that can provide them with stable wealth growth without adding too much capital risk.
Fortunately, the TSX boasts several high-quality, blue-chip stocks that you could consider adding to your investment portfolio to create a reliable passive-income stream. Today, I will discuss two such stocks that you could consider adding to your portfolio today.
Enbridge
Enbridge (TSX:ENB)(NYSE:ENB) is a $98.75 billion market capitalization energy sector giant that requires little introduction to veteran investors. The energy infrastructure company boasts an extensive pipeline network that is responsible for transporting a significant chunk of the natural gas and crude oil consumed in North America.
Additionally, Enbridge boasts a growing renewable energy segment that could set the company up for stellar revenue growth in the future. The company’s globally diversified renewable power generation portfolio comprises solar and wind energy facilities. At writing, the stock is trading for $48.74 per share, and it boasts a juicy 6.85% dividend yield that you could lock into your portfolio today.
BCE
BCE (TSX:BCE)(NYSE:BCE) is a $59.58 billion market capitalization giant in Canada’s booming telecom industry. The telecom sector is a defensive industry that has become increasingly crucial as consumer habits have changed during the pandemic. The reliance on fast and reliable internet connection is no longer a luxury. It has become necessary for every area from education to the business world.
BCE is one of Canada’s most prominent telecom operators that is well positioned to continue benefitting from the growing demand for its services. The advent of 5G technology also positions the company well for long-term revenue growth. At writing, the stock is trading for $64.86 per share, and it boasts a juicy 5.40% dividend yield.
Adding its shares to your investment portfolio could allow you to earn a significant amount in shareholder dividends to supplement your retirement income.
Foolish takeaway
The two TSX dividend stocks discussed above are diversified assets that could do well in any investment portfolio. Enbridge stock and BCE stock boast reputations for excellent long-term growth and reliable shareholder dividends. Buying and holding dividend stocks in a Tax-Free Savings Account could also allow you to earn passive income without worrying about moving to a higher tax bracket.
If you are looking for assets that can supplement your retirement income with virtually guaranteed shareholder dividends, investing in these Enbridge stock and BCE stock could be an ideal way to go.
