Looking for Ten Years of Income? 2 Stocks You Can Buy Now and Hold Forever.

Who wouldn’t want an income — money that comes to you with little effort required of you? One of the best forms of non-dividend income. High-paying and growing dividend-paying stocks will reward shareholders with regular payouts and over time those payouts can grow, often outpacing inflation.

Here, then, are two strong dividend payers to consider for your long-term portfolio.

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Otis Worldwide (NYSE: OTIS) has specialized in elevators since 1853 — before the Civil War. It has grown to a recent market value of more than $30 billion, and its shares recently yielded 2.1%. If that doesn’t sound like a lot, note that it’s been growing fast, with its quarterly payout of $0.42 per share up 8% from a year earlier and more than doubling over the past five years.

Otis transports about 2.5 billion people every day and makes most of its money not only by selling new transportation systems but also by developing and improving existing ones. Recent new system sales are growing slowly, but modernization is much needed. Otis has also been buying back more shares, resulting in a net return to shareholders of 4.7%.

The stock’s valuation is also attractive, with a recent forward price-to-earnings (P/E) ratio of 18.3 below the five-year average of 23.4.

Tower of America (NYSE: AMT) paid a dividend of 3.7 %. It has been raising that payout over time, too, with the most recent annual payout of $6.89 per share, up from $4.53 in 2020 and $2.17 in 2016.

The company is structured as a real estate investment trust (REIT), which means it owns and leases many properties. In the case of American Tower, it includes nearly 42,000 telecommunications towers, as well as data centers, antenna systems, and more.

American Tower’s growth prospects are not in doubt, especially as the company expands abroad. Its foray into data centers may also gain momentum, as data centers become central to the increasing use of artificial intelligence (AI).

The stock has averaged annual gains of nearly 11% over the past 15 years, and while it’s been growing slowly lately, it’s still bringing in a lot of money for investors. With a recent forward P/E of 28.3 below the five-year average of 37.6, the stock is attractively priced, too.

Let me sneak in one more recommendation — a dividend-oriented exchange-traded fund (ETF) that offers a good combination of growth and income: i Schwab US Dividend Equity ETF (NYSEMKT: SCHD)it recently yielded 3.3%. It includes approximately 100 high-quality companies with a track record of paying dividends for at least 10 years. Its maximum catch was recorded recently Lockheed Martin, ConocoPhillipsagain Chevron.

Remember also that there are plenty of excellent dividend-oriented ETFs, as well as strong dividend-paying stocks.

Before buying stock in Otis Worldwide, consider the following:

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Selena Maranjian has positions in American Tower and the Schwab US Dividend Equity ETF. The Motley Fool has positions in and recommends American Tower and Chevron. The Motley Fool recommends ConocoPhillips, Lockheed Martin, and Otis Worldwide. The Motley Fool has a policy of disclosure.

Looking for Ten Years of Income? 2 Stocks You Can Buy Now and Hold Forever. was first published by The Motley Fool