If I were building an ASX share portfolio for retirement, there are a few things I would prioritise.

Naturally, dividend income would be important. After all, having regular payments arriving in your bank account could make retirement much more enjoyable.

But I wouldn’t simply look for the shares with the biggest dividend yields.

Retirement could last 20 or 30 years, and I would want to own businesses that have a reasonable chance of growing their earnings and dividends over that time.

I would also favour established companies with strong market positions, dependable cash flows, and businesses that I can see remaining relevant for decades.

With that in mind, here are five ASX shares that would make my shortlist.

APA Group (ASX: APA)

The first ASX share I would consider is APA Group.

I think infrastructure businesses can be particularly well suited to a retirement portfolio, especially when they own assets that customers depend on and cannot easily replace.

APA certainly fits that description. The company operates an extensive network of gas pipelines, processing facilities, storage assets, and electricity transmission infrastructure across Australia.

Many of its customers rely on this infrastructure to keep their own operations running, which helps APA secure long-term agreements and generate relatively predictable cash flows.

And that is the sort of business I would want supporting my retirement income.

While APA has significant investments to make as Australia’s energy requirements change, it already has an established asset base generating substantial cash.

In FY 2026, the company delivered underlying EBITDA growth of 8.3% and increased its annual distribution to 58 cents per security. Management expects another increase to 59 cents in FY 2027, which will mark its 23rd annual increase in a row.

Looking ahead, APA has a substantial development pipeline that could keep earnings and dividend growth going for a long time to come.

APA gives me a good starting point, but I would want more than energy infrastructure supporting my retirement income.

The other four companies bring different strengths to the portfolio, including some with excellent dividend growth potential.

So, let’s look at why I think they could be worth owning for the next 20 or 30 years.

Telstra Group Ltd (ASX: TLS)

Another ASX share I would put on my retirement shortlist is Telstra.

I don’t expect Telstra to become a spectacular growth company, but that isn’t really what I’m looking for here.

What I like is that telecommunications has become an essential part of everyday life, and Telstra has a leading position in the Australian market.

Millions of customers pay for mobile and internet services every month, giving the company a recurring source of revenue.

Telstra has also demonstrated that it can increase prices while continuing to grow its mobile subscribers.

This has helped support earnings and dividend growth, with the company lifting its annual dividend by 10.5% to 21 cents per share in FY 2026.

And thanks to its Connected Future 30 strategy, I think Telstra could continue providing shareholders with a useful combination of income and modest earnings growth.

Transurban Group (ASX: TCL)

I would also want some exposure to transport infrastructure, which is where Transurban comes in.

The company owns and operates major toll roads across Australia and North America.

What I like about Transurban is the potential for its existing assets to become more valuable as cities grow.

Building major roads through established urban areas is extremely difficult and expensive. That puts Transurban in a strong position where it already operates important routes.

And with many of its concessions allowing tolls to increase over time, the company has opportunities to grow revenue without needing traffic volumes to rise significantly every year.

That could be particularly valuable during retirement, when inflation can gradually reduce the purchasing power of your income.

Transurban is expecting to pay distributions of 72 cents per security in FY 2027, up from 69 cents in FY 2026.

Overall, I think its long-lived assets and potential for growing distributions make it a strong candidate for a retirement portfolio.

Wesfarmers Ltd (ASX: WES)

Another ASX share I would be very comfortable owning over a long retirement is Wesfarmers.

I have a lot of respect for the company and the way it has been managed over the years.

It owns some excellent retail brands, including Bunnings, Kmart, and Officeworks, while also operating in healthcare and industrial markets.

But I think one of Wesfarmers’ greatest strengths is its ability to make sensible decisions about where to invest its money.

Management has demonstrated a willingness to expand successful businesses, develop new opportunities, and exit investments that no longer justify their place in the group.

That approach has helped Wesfarmers deliver excellent long-term returns to shareholders.

And the company continues to perform well, with underlying net profit increasing 8.3% in FY 2026.

I wouldn’t necessarily expect Wesfarmers to offer the biggest dividend yield on my shortlist. However, I think its earnings growth potential and disciplined management could allow dividends to increase considerably over a lengthy retirement.

Woolworths Group Ltd (ASX: WOW)

A final ASX share I would consider is Woolworths.

I think the supermarket giant has many of the qualities I would want in a retirement investment.

Its supermarkets serve millions of Australians every week, generating substantial revenue from products that households need regardless of economic conditions.

And after a challenging period, Woolworths is showing signs of being back on track.

Its Australian Food division reported an 8.5% increase in EBIT in FY 2026, demonstrating the progress being made in improving profitability.

With its enormous store network, strong brands, and established customer relationships, I believe Woolworths is well positioned to keep growing earnings and dividends over the long term.

Of course, with its shares now trading near record highs, investors are paying a premium for that quality.

But for someone building a retirement portfolio with a 20- or 30-year investment horizon, I think Woolworths could still be an excellent company to have on their shortlist.

Final word

Of course, I wouldn’t necessarily limit an actual retirement portfolio to just five ASX shares.

I would want greater diversification, potentially including international investments and some cash or defensive assets.

But if I were narrowing down the ASX to a handful of companies capable of supporting my retirement income for many years, these five would certainly deserve a place on my shortlist.

The post If I could only buy 5 ASX shares for retirement, these would make my shortlist appeared first on The Motley Fool Australia.

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• How much do I need in my superannuation to generate a $108,000 annual passive income?
• Telstra vs ANZ: Which ASX blue chip is better for retirees?
• Here are the top 10 ASX 200 shares today

Motley Fool contributor James Mickleboro has positions in Woolworths Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Transurban Group and Wesfarmers. The Motley Fool Australia has positions in and has recommended Apa Group, Telstra Group, and Transurban Group. The Motley Fool Australia has recommended Wesfarmers. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

You might expect Australians in their early 70s to have less superannuation than those in their early 60s. After all, many people have stopped working by that age and may have spent several years drawing on their retirement savings.

Interestingly, the latest figures show the opposite, with Australians in their early 70s holding more super on average than those a decade younger.

So, what are the numbers, and what can they tell us about retirement?

The average superannuation balance at 60

According to Moneysmart, using the latest Australian Prudential Regulation Authority (APRA) data, Australians aged 60 to 64 have an average superannuation balance of $270,800.

This provides a rough guide for someone turning 60, although individual balances will vary considerably depending on their working history, earnings, contributions, and investment returns.

At this age, retirement plans can look very different from person to person. Some Australians have already finished working, while others intend to continue for several more years.

That is important because retiring at 60 can mean funding seven years of living expenses before reaching Age Pension eligibility at 67. Someone who continues working, meanwhile, may have the opportunity to build their balance further while delaying withdrawals.

What about at age 70?

By age 70, many Australians have already spent several years in retirement, but that doesn’t necessarily mean their superannuation balances have fallen significantly.

According to the latest figures, Australians aged 70 to 74 have an average superannuation balance of $312,000, which is higher than the $270,800 average for those aged 60 to 64.

One reason retirees can maintain substantial balances is that their super generally remains invested after they stop working. While they may be withdrawing money to fund their lifestyles, the remaining savings can continue generating investment returns.

Others may have delayed retirement or continued working part time, allowing them to preserve more of their savings. They may also be half of a couple, sharing expenses and depleting their balances slower.

How do these figures compare with retirement targets?

The Association of Superannuation Funds of Australia estimates that a single homeowner needs approximately $630,000 at retirement to support a comfortable lifestyle, while a couple needs around $730,000 combined.

Both average balances are well below the single-person benchmark, but that doesn’t necessarily mean Australians with these amounts will struggle financially.

The Age Pension can provide an important source of income for eligible Australians from age 67, while couples may benefit from combining their super balances and sharing household expenses.

Retirement timing also makes a significant difference. Someone retiring at 60 may need to fund seven years of living expenses before reaching Age Pension age, whereas a person retiring at 70 is already old enough to qualify, subject to their financial circumstances and other eligibility requirements.

Ultimately, whether a particular super balance is enough will depend on when you retire, your expected living expenses, and what other sources of income you have available. This is why retirement planning needs to go beyond simply comparing your balance with the national average.

The post Here's the average superannuation balance at 60 and 70 in Australia appeared first on The Motley Fool Australia.

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• Average superannuation balance at 45. How does yours compare?
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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 no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Paladin Energy Ltd (ASX: PDN) shares are down almost 30% over the past 12 months, and according to the analyst team at Shaw and Partners, that just shouldn’t be the case.

Paladin Energy shares at historic lows

The broker has just released a new research report on Paladin, pointing out that its shares are trading near a 14-month low.

In their own words, “that makes no sense to us”.

They added:

The uranium price continues to tick higher, the outlook for the uranium industry could hardly be stronger, and Paladin is making excellent progress with the world class Patterson Lake South Project.

Shaw and Partners said the company did miss consensus expectations for its quarterly production result, with the one million pound result about 140,000 pounds lower than expectations.

This amount was worth about $5 million to the company, but its market capitalisation fell $340 million on the news.

Shaw and Partners noted that despite the production miss, annual production guidance was maintained at 5.1-5.6 million pounds of uranium.

They did put forward another potential explanation for the share price weakness.

Perhaps another reason for the stock weakness today is that cash flow in the quarter was weak. Paladin’s cash balance has reduced from US$265m at 30-Jun to US$209m at 30 Sep. This is mainly a function of the timing of customer receipts (US$71m), which were around US$20m lower than revenue and well down on June quarter receipts of US$158m. The company expects receipts to rebound in the December quarter.

Paladin Energy shares looking very cheap

Shaw and Partners noted that Paladin had made good progress at Patterson Lake during the quarter, with regulatory processes moving forward and exploration success at the emerging Atlas and Saloon East Discoveries.

The broker added:

We maintain our BUY recommendation and $19.10 Price Target which is based on our discounted cash flow valuation of Langer Heinrich and Patterson Lake. On our modelling, in our view, the PDN share price pullback below $10 per share is presenting investors with an excellent opportunity to gain exposure to a quality uranium company which is in its strongest position since recapitalising in 2021.

Paladin Managing Director Paul Hemburrow said the result was impacted by the shutdown and pit transition at Langer Heinrich, “with feed grade, plant performance and in-circuit inventory improving during September”.

The company had $US209 million in cash at the end of the quarter.

Paladin shares are changing hands for $7.11 at the time of writing. The company is currently valued at $3.21 billion.

The post Why the Paladin Energy share price "doesn't make sense" appeared first on The Motley Fool Australia.

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Motley Fool contributor Cameron England 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 no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.