2 High-Yielding Stocks That Retirees Will Love

If you're a retiree or just someone who's looking for some reliable dividend income, I've got just the stocks for you.

Chevron (NYSE: CVX) and Southern Company (NYSE: SO) both offer attractive yields that are far higher than the S&P 500's average rate of 1.1%. Plus, with excellent fundamentals and minimal volatility, they can be great safe-haven investments to put your money into this year, even if you're worried about the economy.

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1. Chevron

Oil and gas giant Chevron recently reported its quarterly earnings, and in doing so, announced that it would be raising its dividend by 4%, extending its streak of consecutive annual increases to 39 years. With its new quarterly dividend of $1.78, it's now yielding around 4.1%.

It's a terrific track record that will appeal to investors who want to buy and hold a dividend stock for the long term and to feel confident in knowing that the payout will likely rise over time, hopefully outpacing the rate of inflation along the way.

Chevron's ability to pay and increase its dividends for decades is a testament to the company's strong financial strength and versatility. While there may be fluctuations in commodity prices, the business has proven that it can adapt and perform well under many different economic conditions.

This past year, the company's cash flow from operations totaled $33.9 billion, up from $31.5 billion a year ago. With strong financials and a low beta value of less than 0.7, indicating that the stock doesn't move all that wildly with the overall stock market, this can be a solid option for retirees and dividend investors alike to load up on today.

2. Southern Company

Another solid dividend stock that retirees and income investors will love is Southern Company. Shares of the utility company currently yield 3.3%. And like Chevron, Southern has been increasing its dividend payments for years.

Last April, Southern announced that it would be raising its quarterly dividend by $0.02, to $0.74. While that amounts to a modest hike of just under 3%, it extended the company's dividend growth streak to 24 years.

Southern's business can provide investors with a great deal of stability due to resilient and consistent demand for energy services. The company serves 9 million people, and there hasn't been much volatility in its earnings, with its profit margin normally being north of 15%.

The stock has also averaged a low beta of 0.45 in recent years, as this too can make for a solid investment to just hold in your portfolio and forget about.

David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Chevron. The Motley Fool has a disclosure policy.