Canadians are now living longer than ever before. As a result, planning for a 30-year retirement is no longer rare. It’s safe to say that today’s retirement savers now need portfolios that can last far longer than they did in previous generations. This makes retirement income planning more important than ever. To make your money last longer in retirement, investors need to pick the right stocks today.
That means selecting dividend-paying stocks that can withstand market downturns. Those dividend-paying stocks also need to offer steady cash flow generation from essential industries while providing recurring, stable payouts.
That consistency matters when dealing with longer-term portfolios. And unlike higher-yielding stocks that may be forced to cut their payouts during market downturns, solid dividend payers can help make your money last longer over longer timelines.
So then, what stocks should investors turn to in order to help make your money last longer? Here are three great options to choose from on the market right now.
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Enbridge provides a predictable cash flow
If you’re an investor looking to make your money last longer, Enbridge (TSX:ENB) is a favourite among income‑focused investors. Part of the reason for that view is Enbridge’s pipeline and utility‑like business model. This combination makes Enbridge a strong dividend growth stock for long-term income needs.
Enbridge is one of the largest energy infrastructure companies in North America. The company’s pipeline business generates the bulk of its revenue from long‑term contracts. In fact, Enbridge charges for use of its network irrespective of the price of the commodity hauled. This means that the pipeline business operates more like a toll road.
For retirees, this translates into a recurring, stable stream of revenue that allows Enbridge to pay its attractive quarterly dividend and invest in growth initiatives. That dividend currently yields 5.2%, and the company offers over three decades of consecutive annual increases, making Enbridge one of the must-have stocks for investors.
Canadian National Railway offers stability from transporting goods
If you want to make your money last, Canadian National Railway (TSX:CNR) is another great option to consider. Canadian National operates one of the largest railway networks in North America, stretching from coast to coast and down to the U.S. Gulf Coast.
This not only gives the railroad access to three coastlines but also makes it one of the most defensive picks on the entire market. That’s because railways move goods in every economic environment. Those goods can be anything from food and chemicals to finished products and crude oil. In total, the railway moves upwards of $250 billion worth of goods each year.
That stability allows Canadian National to provide investors with a respectable quarterly dividend that pays out a yield of 2.4%. Adding to that appeal is Canadian National’s impressive three-decade run of annual increases to that dividend, solidifying its place in any long-term portfolio.
Fortis provides defensive income built for long horizons
Rounding out the top three stocks to make your money last longer is Fortis (TSX:FTS). Fortis is one of the largest utility stocks in North America with operations in Canada, the U.S. and the Caribbean. Those operations are built on regulated revenue streams backed by long-term contracts.
The predictable cash flow allows Fortis to invest in growth while paying a quarterly dividend. As of the time of writing, Fortis offers a dividend yield of 3.3%, making it a great option to make your money last longer. Even better, Fortis has one of the longest dividend increase streaks in Canada. The company currently boasts a streak of 53 consecutive years of increases, making Fortis one of two Dividend Kings in Canada.
For retirees, this creates a foundation for long-term income planning.
Putting it all together for a 30‑year plan
Making your money last through retirement requires more than just saving more. It requires discipline, adaptability, and a portfolio that’s built to last. Combining dividend payers like Enbridge, Canadian National Railway, and Fortis can help reduce risk and extend the life of your savings.
By balancing income sources and avoiding over-concentrating to one sector, retirees can build a plan that supports financial security for decades.
In my opinion, one or all of the above should be core holdings in any well-diversified portfolio.
