The Board of the Reserve Bank of Australia (RBA) handed down its Monetary Policy Decision this week which saw Australia’s official cash rate remain unchanged at just 2%.

Low interest rates are really a double-edged sword.

For many retirees who prefer the safety of cash, low rates have a severe dampener on their income.

For investors and borrowers, lower rates have a positive effect on asset values and make interest payments less burdensome.

Whether you are a retiree who feels forced to move out of cash and into higher yielding equities or an investor who is looking for a juicy dividend stock, it’s important to remember when picking income stocks to not just consider the current yield but also consider the direction of future dividends.

Here are four shares forecast to grow their dividends, with fully franked yields more than twice the return of the official RBA cash rate.

JB Hi-Fi Limited (ASX: JBH) is forecast to grow earnings and dividends over the next three financial years (FY). Based on data from CommSec for financial year (FY) 2017, the stock is trading on a yield of 4.5%.

Super Retail Group Ltd (ASX: SUL) is also forecast to grow earnings and dividends from FY 2015 through FY 2018. With a forecast dividend in FY 2017 of 46.2 cents per share (cps), the stock trades on a forecast yield of 5.7%.

ASX Ltd (ASX: ASX) is forecast to grow its earnings and dividend over the next three years as well. Based on a forecast dividend of 200.6 cps in FY 2017, the stock has a yield of 4.9%.

Telstra Corporation Ltd (ASX: TLS) is expected to achieve growth in earnings and dividends over the next three years. Based on data for FY 2017, the stock is trading on a forecast yield of 6.3%.

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Motley Fool contributor Tim McArthur has no position in any stocks mentioned. 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.