3 high yield ASX dividend shares to consider for your retirement

Sonic Healthcare Limited (ASX: SHL) and Challenger Ltd (ASX: CGF) are 2 high-yield ASX dividend shares I would consider for my retirement portfolio.

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As you approach retirement age, you need to be comfortable with the risk profile of companies you hold. It is important to consider transitioning out of some riskier high growth shares into some high dividend paying shares.

I would consider adding the following high-yield ASX shares to my retirement portfolio:

Sonic Healthcare Limited (ASX: SHL)

Sonic Healthcare is one of the world's largest medical diagnostics companies, providing laboratory and diagnostic imaging services to medical practitioners, hospitals, community health services, and their collective patients.

The company's share price has remained in a consistent band for a long period of time and its dividend yield is currently at 3.5%.

Sonic provides a number of services to its clients that will still be required in the future and as a relatively big player in the field, I expect its earnings per share of $1.15 to continue to grow.

Challenger Ltd (ASX: CGF)

Challenger is an investment management company that provides a range of product solutions aimed at helping customers during their retirement. These solutions are based around our market-leading annuities that provide regular payments for the chosen investment term, regardless of how markets perform.

Challenger's share price has come down substantially off its 52-week high of $13.45 but it currently has a dividend yield of 4.4%.

Looking at Australia's age demographic, this leader in retirement-based solutions will be boosted by structural tailwinds as the "baby-boomer" generation call time on their careers.

Commonwealth Bank of Australia (ASX: CBA)

Commonwealth Bank of Australia is a multinational business that provides a range of financial services along with retail banking.

The company's earnings per share of $5.69 paves the way for a fantastic dividend yield of 5.8% currently.

With the dust from the Royal Commission starting to settle, it could be a good time to add CBA to your portfolio while it still trades below its 52-week high.

Foolish Takeaway

Whilst each of these companies faces their own individual risks, you can expect them to be around well into the future.  Along with this, I'm confident that they will continue to provide high dividend yields and hopefully provide some peace of mind in retirement.

Motley Fool contributor Michael Guinery owns shares in Challenger Limited. The Motley Fool Australia owns shares of and has recommended Challenger 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 Scott Phillips.

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