Retire Rich: TFSA Stocks to Power Your Golden Years

Path to retirement

Finding the right mix of stocks to load into your TFSA today can provide an ample income stream to comfortably power your golden years. Selecting those stocks doesn’t need to be complicated either; here’s a selection of great stocks to consider buying today.

Everyone needs (fast) food

Restaurant Brands International (TSX:QSR) is the name behind the Burger King, Tim Hortons, Popeye’s, and Firehouse Subs brands. Fast Food stocks are incredibly recession-resistant, and in the case of Restaurant Brands, the stock has surged over 50% in the trailing 12-month period.

Another key point that prospective investors should keep in mind is that Restaurant Brands has taken an aggressive stance on growing its network. Specifically, Tim Hortons has seen massive international growth over the past several years, entering new markets and expanding into others.

By way of example, Tim Hortons is targeting to have over 100 locations in the UK and 50 locations in Mexico by the end of the year. The coffee chain also boasts over 500 locations in China and is expected to enter South Korea later this year.

That’s not even the best part.

Restaurant Brands provides a juicy quarterly dividend to investors, which as of the time of writing pays out a respectable 2.95%. The company has maintained an annual or better cadence of providing generous hikes to that dividend stemming back nearly a decade.

That practice is set to continue, making Restaurant Brands an ideal candidate to add to your TFSA to power your golden years.

Set your TFSA growth on autopilot

One of the most defensive segments of the market to invest in is utilities. Utilities provide a necessary service where there is little, if any competition, and that service is backed by regulated contracts.

That stability is a key reason why investors may want to consider Hydro One (TSX:H) to let it power your golden years.

For those who are unfamiliar with the company, Hydro One is the largest transmission and distribution service provider in Ontario. The company boasts 1.5 million customers and continues to invest in new growth initiatives.

Hydro One also boasts a respectable 3.19% quarterly dividend that has seen annual bumps without fail since its IPO in 2015. In fact, the most recent annual bump was announced earlier this year and will be paid out later this month.

Super-size your income

Another intriguing stock to power your golden years by investing through your TFSA today is Enbridge (TSX:ENB).

Enbridge is one of the largest energy infrastructure companies on the planet. The company is best known for its lucrative pipeline network, but that’s not the only segment that Enbridge operates.

In fact, few investors may realize this, but Enbridge operates a growing renewable energy business that contains facilities located across both North America and Europe. Enbridge has invested over $8 billion into the segment over the past two decades.

Additionally, Enbridge also operates one of the largest utilities in North America. This adds yet another layer to the already very defensive nature of the company.

And let’s not forget that extensive pipeline network, which is the largest and most complex system on the planet. That pipeline network hauls nearly one-third of North American crude and one-fifth of the natural gas needs of the U.S.

Suffice it to say, Enbridge is one of the most defensive investments on the market. It also boasts one of the best-paying dividends, too.

As of the time of writing, Enbridge offers investors a tasty 7.07% yield, making it one of the better-paying options on the market. Enbridge has also provided annual increases to that dividend without fail for nearly three decades.

The right TFSA stocks can power your golden years

No investment is without risk and that includes the list of three stocks mentioned above. Fortunately, all three of the stocks boast some defensive appeal as well as a juicy dividend to make them appealing options for any TFSA.

In my opinion, one or all of the above stocks should form a core part of any larger, well-diversified portfolio.

Buy them, hold them, and watch them grow and power your golden years as part of your TFSA.

The post Retire Rich: TFSA Stocks to Power Your Golden Years appeared first on The Motley Fool Canada.

Should You Invest $1,000 In Enbridge?

Before you consider Enbridge, you’ll want to hear this.

Our market-beating analyst team just revealed what they believe are the 5 best stocks for investors to buy in May 2023… and Enbridge wasn’t on the list.

The online investing service they’ve run for nearly a decade, Motley Fool Stock Advisor Canada, is beating the TSX by 23 percentage points. And right now, they think there are 5 stocks that are better buys.

See the 5 Stocks
* Returns as of 5/24/23

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Fool contributor Demetris Afxentiou has positions in Enbridge. The Motley Fool recommends Enbridge and Restaurant Brands International. The Motley Fool has a disclosure policy.