Dividends4Life: 3 Stocks to Supplement Your Social Security Income

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The fact is, however, that the average Social Security check just isn't all that big. The Social Security Administration reports that in 2020, the average monthly payment for retirees is $1,544. That's a decent start, but it won't fully fund the sort of retirement lifestyle most of us envision. Fear not. A trio of hand-picked dividend stocks can readily and reliably supplement your monthly Social Security income and get you closer to where you want to be income-wise. Here's a closer look at each.

It's more than a familiar name. Bank of America (NYSE:BAC) is the nation's second-biggest bank, as measured by assets, boasting 66 million customers and a network of around 4,300 branches. The company does a little of everything, from consumer lending to brokerage to institutional investing. It's another name that doesn't need much of an introduction. Verizon (NYSE:VZ) is the biggest wireless name in the U.S., with Comscore reporting the company controls 31% of the market. That's 94.6 million connections, with 368,000 of them brought into the fold just last quarter. Finally, add Texas Instruments (NASDAQ:TXN) to your list of stocks that can help retirees produce more spendable income.

Source: Motley Fool

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