For the second month in a row, none of the 1,001 stocks covered by SafetyNet Pro cut or eliminated their dividends. And SafetyNet Pro upgraded or downgraded its ratings of only 28 stocks.

While it may sound like June was a quiet month, income investors shouldn’t get too comfortable. Several companies showed signs of future dividend losses. Some even warned investors about the possibility of dividend cuts or eliminations in the near future.

Investors need to monitor the dividend stocks in their portfolios now more than ever. The ability to provide safe, reliable, consistent income is making dividend-paying stocks some of the most attractive investments right now.

But you must invest wisely.

New and Uncertain Territory

Last month’s Brexit vote virtually guaranteed that the era of zero or negative interest rates is here to stay for the near future.

Government bonds issued by “First World” nations are no longer an alternative for most investors seeking safe sources of income. Many European government bonds now sport negative interest rates. Investors actually lose money by owning them.

U.S. bonds aren’t much better either. Yields on the 10-Year Treasury are trading at all-time lows. The yield doesn’t keep up with inflation.

Historically “safe” investments like government bonds were once the first choice for Americans seeking secure retirement income. Today, however, yields are so low that government bonds are no longer a reasonable choice for those seeking income in retirement.

What Can Retirees Rely On?

Social Security is rapidly drying up too. More than 90% of Americans rely on Social Security to cover at least some of their monthly expenses. But the way things are going, retirees will see this source of income decline, too.

According to a new Social Security and Medicare report released last month, benefits are expected to rise just $2.50 a month in 2017. In real terms, most retirees will see their income go down, thanks to rising food and healthcare costs.

To make matters worse,

In today’s environment, one of the most attractive choices is a stable of rock-solid dividend-paying stocks. Stocks with safe, and preferably growing, dividends are more important than ever to investors planning for a comfortable retirement. And monitoring the safety of those dividends is just as paramount.

Ratings Changes

In June, SafetyNet Pro upgraded 14 stocks and downgraded 14 stocks. The Consumer Services and Industrials sectors saw the largest numbers of adjustments, with five each.

Merger Plan Sours, Putting a Dividend in Jeopardy

The biggest dividend news of the month came from Williams Companies (NYSE: WMB). If you recall, Energy Transfer Equity (NYSE: ETE) made a deal to acquire Williams in September 2015. However, after oil and gas prices crashed earlier this year, Energy Transfer decided to back out of the merger. It accused Williams of failing to cooperate with its efforts to finance the transaction.

The two companies sued each other over the deal. Williams sued Energy Transfer to enforce the acquisition while Energy Transfer countersued to void it. Meanwhile, plunging oil prices further pressured the stocks of both companies.

Williams lost its lawsuit against Energy Transfer on June 24. The judge ruled that Energy Transfer acted in good faith by trying to close the deal. However, it was unable to do so because of unanswered tax questions.

Although Williams is appealing the ruling, it is unlikely anything will change. Williams is also seeking monetary damages from the failed merger.

Earlier in the month, Williams said that it might be forced to cut its dividend if the acquisition did not go through. The company has paid a quarterly dividend since 1974. While management said it didn’t know at the time how deep the cut would be, it could be material

SafetyNet Pro currently rates Williams an “F.” Energy Transfer is rated a “B.”

Advanced Drainage Systems (NYSE: WMS) saw its SafetyNet Pro rating slide from a “B” to a “C” in June. Accounting mishaps and guidance were the primary culprits.

The Ohio-based maker of residential and commercial pipes and water management products has been busy restating its past financial statements. It’s struggling to fix a number of accounting issues related to how it recognizes transport and operating leases.

The company still hasn’t finished its restatement or filed its form 10-K for its fiscal year ending in March. However, analysts are scrambling to reconcile their estimates of free cash flow going forward as well as going back

In June, analysts scaled back their free cash flow estimates for the coming year. They now expect free cash flow to fall 8.83% to $85.51 million. In May, they expected free cash flow to rise 23.23% from the $93.79 million the company produced last year.

Expect Advanced Drainage’s future free cash flow, historical free cash flow and its SafetyNet Pro rating to remain in flux until the accounting mess is sorted out. Advanced Drainage Systems’ dividend safety rating may change as it discloses its corrected financial information. Stay tuned.

A Cash Flow Boost Thanks to Shifting Trends in Healthcare

Last month, Cardinal Health’s (NYSE: CAH) dividend safety rating improved one notch from a “B” to an “A.” That’s because analysts now expect positive free cash flow growth in 2016.

They anticipate the company will generate $2.41 billion in free cash flow this year. That’s up 7.76% from the $2.24 billion it threw off in 2015. Back in May, analysts forecasted a 10.41% decline in 2016.

Cardinal Health is one of the largest healthcare companies in the world. Its main business is distributing pharmaceutical and medical supplies. The 2.5 billion healthcare products it sells each year are used in 75% of U.S. hospitals.

The company is benefiting from several key demographic trends. Namely, an aging population requiring more medical services. More services require more supplies, which boosts Cardinal’s revenues and free cash flow.

In May, Cardinal Health’s board of directors approved a 16% increase in the company’s dividend. Its annual dividend is now $1.80 per share. This marked the company’s 31st straight year of dividend hikes.

Cardinal will release its fiscal year 2016 financial results on August 2. Investors will more than likely receive updated guidance for the coming year. SafetyNet Pro will monitor the company’s results and make changes if necessary.

Hunting for Income in a Field of Dividends

As we mentioned earlier, investors have few choices when it comes to choosing safe, reliable income-generating investments. And during chaotic times, dividend checks become an even more important piece of the retirement-planning puzzle for every American.

So, diligent investors must make sure they pick the right stocks.

SafetyNet Pro is a crucial tool to help you ensure the consistency of your dividend income. Stock prices may rise and fall, but retirees dependent on dividend checks want payouts that go in only one direction – up.

Keep a close eye on your safety ratings to ensure that you’re prepared for any potential dividend cuts or eliminations.

For folks seeking reliable income, dividend health is critical.