Preparing for retirement is vital to building a nest egg that will provide financial stability for many years. One of the best ways to reach this goal is to find retirement stocks to buy now and begin long-term investing at an early age in strong companies that provide impressive returns in share price and dividend appreciation.
Investing for retirement may not be the most exciting endeavor, but implementing as many long-term investing strategies as possible will drastically improve overall financial independence.
Below, I have chosen a few investments that fit multiple criteria for a retirement stock opportunity. Each of these retirement stocks to buy now provided impressive share price growth, especially over this last year, and a strong dividend yield that has seen consistent increases.
Allstate (ALL)
Allstate (NYSE:ALL) is a property and casualty insurance company that offers a wide range of products, including Allstate Roadside, Allstate Dealer Services, Avail, Arity and Allstate Identity Protection. It sells its products through various options, including agents, wholesale partners, call centers, and retailers.
Over the past year, its share price has increased by 41% due to improved earnings results and projected growth within the property and casualty insurance market in the coming years.
On May 1, Allstate released its earnings report for the first quarter of 2024, which stated that total revenue increased by 11% from a year ago to $15.3 billion. A net loss of $300 million was reported for Q1 2023; in Q1 2024, it improved to a net income of $1.2 billion.
Allstate provides its investors with a 2.3% annual dividend that has increased over the last 13 consecutive years. Its most recent quarterly dividend was 92 cents per share, distributed on May 30.
ALL has strong growth potential and an increasing dividend yield, making it a solid long-term investment choice.
Ryder Systems (R)
Ryder Systems (NYSE:R) is a logistics company that primarily provides fleet management services. It provides leasing services for a range of tractors, trailers, and trucks. It also offers brokerage services and scheduling.
Over this past year, Ryder’s share price increased by 46% due to strong earnings that have beaten analysts’ predictions. The company also has an impressive return on equity projection for 2024 of 15.5% to 16.5%.
On April 23, Ryder reported earnings for the first quarter of 2024. It stated that total revenue increased slightly by 3% to $3.1 billion, and its net income dropped by 39% to $85 million compared to the previous year, but it still beat analysts’ predictions.
Ryder Systems’ annual dividend yield is 2.4%. Its most recent quarterly distribution was 71 cents per share on May 16.
Ryder Systems allows investors to store share price appreciation and increased return on equity potential for 2024. In addition, its solid dividend yield is a draw for many long-term investors.
Manulife Financial (MFC)
Manulife Financial (NYSE:MFC) is a financial products supplier that offers clients a wide range of products, including annuities, individual life insurance plans, portfolio management services, and long-term care insurance.
On May 8, MFC reported earnings for the first quarter of 2024, stating that total revenue increased by 16% to $1.8 billion, and net income fell by 38% compared to the previous year.
The Manulife Financial share price increased 30% over the past year. Manulife continues to report strong growth within multiple global regions, most notably Asia, where it is a leading insurer.
MFC offers investors a solid dividend yield of 4.5% annually. Its most recent quarterly distribution was for 29 cents per share on May 20.
MFC is a great stock to buy and hold in a retirement account due to its strong dividend yield, which has increased for 10 consecutive years, and its growth potential in developing markets.
As of this writing, Noah Bolton did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.