Experts name 2 ASX dividend shares for your retirement portfolio

Are you looking to boost your retirement income with some dividend shares? Then you might want to look at the two listed below.

Both of these dividend shares are expected to provide investors with attractive yields in the near term. Here’s what you need to know about them:

Coles Group Ltd (ASX: COL)

The first ASX dividend share for retirees to consider is supermarket giant Coles.

It could be a top option due to its defensive qualities, positive exposure to inflation, and solid growth outlook. The latter is being underpinned by the company’s bold refreshed strategy, which is focusing on cutting costs through automation and efficiencies. This is expected to boost Coles’ profitability in the coming years.

Citi is positive on Coles and has a buy rating and $20.10 price target on its shares.

In respect to dividends, the broker is forecasting fully franked dividends of 74 cents per share in FY 2023 and 79 cents per share in FY 2024. Based on the latest Coles share price of $16.60, this will mean yields of 4.45% and 4.75%, respectively.

Telstra Corporation Ltd (ASX: TLS)

Another ASX share for retirees to consider is Telstra.

This telco giant could be a good option now that its outlook is arguably the most positive it has been in over a decade.

For example, last month the company released its FY 2022 results and revealed a return to growth and a surprise dividend increase. But it won’t stop there, with Telstra’s T25 strategy now in place, the company is targeting high-teens underlying earnings per share compound annual growth through to FY 2025.

The team at Morgans are positive on the telco giant. Its analysts currently have an add rating and $4.60 price target on the company’s shares.

Morgans is also forecasting another 16.5 cents per share dividend in FY 2023. Based on the current Telstra share price of $3.81, this equates to a 4.3% dividend yield.

The post Experts name 2 ASX dividend shares for your retirement portfolio appeared first on The Motley Fool Australia.

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More reading

• Are these ASX blue-chip shares losing their defensive benefits?
• Why is the Coles share price tumbling today?
• Why the Telstra share price could actually be a growth opportunity: fundie
• 5 things to watch on the ASX 200 on Wednesday
• Supermarket shakeup: Do Coles shares offer better dividends than Woolworths?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended COLESGROUP DEF SET and Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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