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5 fast-growing dividend shares for your retirement portfolio

The dividends that are being paid by Westpac Banking Corp (ASX: WBC) and the rest of the big four banks are some of the most generous pay outs on the market.

But many investors remain concerned that these dividends are going to face cuts in the future. Whilst I feel reasonably confident that Westpac will be able to at least maintain its dividend, I can fully understand why many investors are reluctant to invest in its shares.

For these investors I would suggest taking a look at the following five dividend shares instead.

Cover-More Group Ltd (ASX: CVO)

Travel insurance company Cover-More is expected to grow its dividend by 39% per annum for the next couple of years. According to CommSec, analysts expect its shares to provide investors with a fully franked 4.1% dividend in FY 2017.

GUD Holdings Limited (ASX: GUD)

Thanks to the solid performance of its automotive business, management is expecting the company to bounce back strongly from a disappointing FY 2016. As a result it is expected to lift its dividend by 20% next year which will provide investors with a fully franked 4.8% yield.

Mantra Group Ltd (ASX: MTR)

Analysts have forecast this leading accommodation provider to grow its dividend by 21% per annum over the next couple of years. At the current share price investors can expect a fully franked 4.2% dividend next year.

Monash IVF Group Ltd (ASX: MVF)

The strong demand for its IVF treatments is expected to put Monash IVF in a position to pay a fully franked 3.9% dividend in FY 2017. In its latest fiscal year the company reported a 12.4% jump in IVF treatments, leading to full year net profit after tax increasing by 34.6% to $28.8 million.

Xenith IP Group Ltd (ASX: XIP)

Xenith IP is a provider of a range of intellectual property services for thousands of clients across the globe. Next year the company is forecast to raise its dividend to 16.8 cents per share. At the current share price this would be a generous fully franked 4.9% dividend.

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Motley Fool contributor James Mickleboro 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.