Every investor has a different strategy depending on what their end goal is. Those with long time horizons might look for growth shares such as REA Group Limited (ASX: REA) or Domino’s Pizza Enterprises Ltd (ASX: DMP). These type of shares may provide investors with strong share price gains, but come with an extra element of risk and usually a below average dividend or none at all.

Often for investors which are preparing for or enjoying their retirement the goal might be to have a portfolio that offers stability and, most importantly, an income. Thankfully for Australian investors the Australian Stock Exchange is blessed with a number of high-yielding dividend shares that income investors could look at including in their retirement portfolio.

Telstra Corporation Ltd (ASX: TLS) is probably not the most surprising pick, but there is a reason for the pick. That reason is because Telstra is a quality company that I certainly expect to stand the test of time. It is all good finding a company that pays a great dividend, but if that company disappears in five years’ time, you’re back to square one with a significant loss on your hands.

Telstra currently yields a fully-franked 5.5% dividend which according to CommSec, is expected to grow by 3% per annum for the next few years. This has traditionally been the case, and as such I see this trend continuing for a long time to come.

The future of Telstra also looks incredibly secure with its market-leading position in mobile telephony and broadband, as well as the move into providing low latency international connectivity to the financial sectors in Asia. While nothing in the markets is guaranteed, the probability of Telstra being around in two decades and still paying a dividend is relatively high.

The next share is Australia’s oldest bank, Westpac Banking Corp (ASX: WBC). Yes, there are rumours floating around about dividend cuts by the banks, but it is worth acknowledging that these are just rumours. I feel Westpac would be incredibly reluctant to cut its dividend which yields a fully-franked 6.2%. At present, analysts are still anticipating the dividend to continue to grow by almost 3% per annum, and I side with them.

Westpac has been around since 1817, when it was first known as the Bank of New South Wales, and despite how technology may disrupt areas of the financial sector, I expect the bank will still be around at the end of this century.

Foolish takeaway

In my eyes both these companies represent mature, strong dividend-paying shares with steady growth prospects that will still be here in 20 years. This for me makes them a great inclusion in a retirement portfolio.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.