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High dividend stocks are attractive for income investors. But high yields are getting harder to find in the stock market. As a result of a long-running bull market, the average dividend yield of the S&P 500 Index has come down to just 1.1%. This is not a high enough yield for many retirement investors who desire higher investment income.

For this reason, we recommend retired investors consider high-yield dividend stocks that have a demonstrated ability to raise their dividends, even during recessions. The following 3 stocks have high yields above 4%, and the ability to raise their dividends over time.

Altria Group (MO)

Altria is a tobacco stock that sells cigarettes, chewing tobacco, cigars, e-cigarettes, and more under a variety of brands, including Marlboro, Skoal, and Copenhagen, among others.

The decline in the U.S. smoking rate continues, though it has recently recovered some. In response to the negative long-term trend, Altria has invested heavily in new products that appeal to changing consumer preferences. It is also investing heavily into share repurchases to try to support continued earnings-per-share and dividend-per-share growth.

Altria invested billions of dollars in Canadian marijuana producer Cronos Group for a 55% equity stake (including warrants) and a 35% equity stake in e-vapor manufacturer Juul Labs. Altria enjoys strong brands across its product portfolio, including the No. 1 cigarette brand. As a result, it has pricing power and brand loyalty.

In addition, tobacco companies enjoy low manufacturing and distribution costs, thanks to its economies of scale. This has fueled Altria’s tremendous dividend growth, enabling it to boast an impressive dividend growth streak of 55 years.

T. Rowe Price Group (TROW)

T. Rowe Price Group, founded in 1937 and headquartered in Baltimore, MD, is one of the largest publicly traded asset managers. The company provides a broad array of mutual funds, sub-advisory services, and separate account management for individual and institutional investors, retirement plans and financial intermediaries.

T. Rowe Price has assets under management (AUM) of nearly $1.8 trillion as of September 30th, 2025. On February 11th, 2025, T. Rowe Price raised its quarterly dividend 2.4% to $1.27, marking the company’s 39th year of increasing its payout.

On October 31st, 2025, T. Rowe Price reported third quarter results for the period ending September 30th, 2025. For the quarter, revenue grew 5.6% to $1.89 billion, but this was $10 million below estimates. Adjusted earnings-per-share of $2.81 compared favorably to $2.57 in the prior year and was $0.27 better than expected.

During the quarter, AUMs totaled $1.77 trillion, which represented growth of 5.4 % year-over-year, but a decline of 1.1% sequentially. Market appreciation of $89.1 billion was offset by net cash outflows of $7.9 billion. Operating expenses of $1.25 billion increased 6.7% year-over-year and 0.4% quarter-over-quarter.

Asset managers like T. Rowe have low variable costs. As a result, higher revenues, driven primarily by increasing assets under management, allow for margin expansion and attractive earnings growth rates. Assets under management grow in two basic ways: increased contributions and higher underlying asset values. While asset values are finicky, the trend is upward over the long-term.

On the contribution side, T. Rowe Price’s strong past performance is a key selling point and could attract customers going forward. In addition, T. Rowe has another EPS growth lever in the way of share repurchases.

TROW has increased its dividend for 39 consecutive years and shares are currently yielding 4.5%.

NNN REIT (NNN)

National Retail Properties is a REIT that owns single-tenant, net-leased retail properties across the United States. National Retail has offered consistent growth with markedly low volatility. It is also characterized by very high occupancy rates; its 15-year low occupancy rate is 96% and it typically ranges between 98%-99%.

On November 4, 2025, NNN REIT reported third-quarter 2025 core FFO of $0.85 per share and AFFO of $0.86 per share, up 1.2% and 2.4% year over year, respectively, with annualized base rent at quarter-end rising over 7% to $912 million.

Portfolio occupancy temporarily dipped to 97.5% after NNN unwound a 64-asset restaurant re-tenanting amid third-party legal dispute; management has already resolved or sold 27 of those assets and expects occupancy to exceed 98% by year-end.

Operationally, renewals were a “home run”: 92 of 100 expiring leases renewed, at rents averaging 108% of prior levels, while seven vacancies were back-filled at 124% of former rents. Investment activity remained robust: NNN acquired 57 properties for $283 million at a 7.3% initial cap (nearly 18-year average term) and, year-to-date, $750 million across 184 assets at a 7.4% cap.

National Retail’s payout ratio is being maintained at nearly three-quarters of FFO, and we believe it will stay there for the foreseeable future. Given this, the dividend is fairly safe at this point with the trust’s rising earnings. NNN has increased its dividend for 36 consecutive years.

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