It is not easy these days to find companies that pay a dividend yield of nearly 5%, have never cut their dividend in over 40 years, and who continue to increase the dividend at a nearly 10% rate. But there is one such company out there. Altria (MO), parent company of Phillip Morris, continues to pay out its steady dividend, even during recessions, making it a wonderful addition to retirement portfolios.

Some people are fortunate enough to think about retiring when they hit age 60, or even before then. But the truth of the matter is, most people have no idea when they can retire comfortably.

For many investors approaching retirement income planning for retirement has become extremely difficult, if not downright impossible. So many people had hoped to live off of income generated by relatively safe treasury bonds and high quality corporate bonds, but that strategy is out the window for most given where interest rates are today.

I spend a lot of time helping people understand how much money they will need to meet their retirement goals. Many of these people believe that they must have at least $1 million saved in order to retire and never worry about running out of money. Today I want to look at an example couple who is very concerned that they won't have enough money saved. They also fear that interest rates will remain low and they don't want to just put everything into equity funds.

When looking to build a long-term portfolio of stocks that pay high dividends, investors usually come up with a mix of stocks that either have high dividend yields or high dividend growth rates. However, it is not easy to analyze and compare how various dividend payers will pay off in the long-run. That is why it is important to look at both dividend yield and growth through time and calculate some objective numbers. For this article I want to look at possible payoffs for Verizon (VZ) and AT&T (T).