The Australian Stock Exchange is home to a great number of shares paying fantastic dividends. In fact, the current market average dividend yield of 4.6% is head and shoulders above many international financial markets.

Over in the United States the S&P 500 currently has an average dividend yield of just 2.1%. It just goes to show how lucky Australian income investors are.

But with so much choice, which ones should you buy right now? I’ve picked out five shares which I think could be great investments for a retirement portfolio.

Coca-Cola Amatil Ltd (ASX: CCL)

Due to a decline of almost 9% in 2016, the shares currently come with a partially franked estimated yield in the region of 5.2%. I expect the company has a bright future ahead of it in the Indonesia market, which could be the catalyst for strong earnings growth over the next decade. At the current price this could make it a must buy.

Commonwealth Bank of Australia (ASX: CBA)

If your portfolio isn’t already heavily weighted with the banks then at the current price I believe Commonwealth Bank is a great pick for income investors. Although some of the banks are expected to provide higher yields, Australia’s largest bank is still estimated to yield a fully franked 5.8% in FY 2016.

GUD Holdings Limited (ASX: GUD)

Appliance and auto parts maker GUD Holdings didn’t have the best half-year results thanks to a one-off impairment charge. This has caused the shares to drop down by 18% for the year and makes them good value now in my opinion. Analysts are expecting strong earnings growth ahead, which I believe will support the estimated full-year dividend which will yield a fully franked 6%.

QBE Insurance Group Ltd (ASX: QBE)

So far in 2016 the share price of QBE Insurance has dropped almost 16%. This could be a great buying opportunity for long-term buy and hold investors. Especially when you take into account the FY 2016 estimated fully franked dividend of 67 cents that is equal to a 6.2% yield. Of all the insurers, I believe QBE Insurance offers the best value for money currently.

Retail Food Group Limited (ASX: RFG)

The franchisor of brands such as Gloria Jean’s and Donut King is expected to yield a fully franked 6% in FY 2016. Retail Food Group is a real favourite of mine presently, thanks partly to its aggressive expansion. Management is planning to open 250 new stores before the end of the 2016 financial year. This level of expansion should help keep the dividend growing for some time.

Finally, here are another three incredible dividend shares which I think could be perfect for income investors. These have just been released to readers so get them before they take off!

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Retail Food Group Limited. 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.