In 2020 I think the desire for income could intensify if Australia's interest rates stay low or go even lower.
I believe ASX shares like the below three are the answer:
Rural Funds Group (ASX: RFF)
Rural Funds is a farmland real estate investment trust (REIT).
It owns a diverse farmland portfolio of cattle, cotton, vineyards, almonds and macadamia. Further acquisitions should add more diversification as time goes on.
One of the best things about Rural Funds is that it aims to increase its distribution by 4% a year from a combination of organic rental increases, market rent reviews and productivity improvements at the farms.
Rural Funds currently has a FY20 distribution yield of 5.7%.
Future Generation Investment Company Ltd (ASX: FGX)
Future Generation is a listed investment company (LIC) with a difference. It invests in ASX-focused fund managers who invest in shares for free, they don't charge Future Generation any management fees or performance fees.
Instead, Future Generation donates 1% of its net assets each year to youth charities. I think it's a great initiative and provides direct support to the future of Australia.
It is paying a growing dividend with some of the overall profits that Future Generation makes from its investments.
It currently offers a grossed-up dividend yield of 5.8%.
WAM Leaders Ltd (ASX: WLE)
WAM Leaders is a LIC which invests in the larger businesses on the ASX. It owns shares of the biggest blue chips that we all know like Commonwealth Bank of Australia (ASX: CBA), BHP Group Ltd (ASX: BHP) and CSL Limited (ASX: CSL).
It has also invested in industry-leading shares that aren't necessarily in the ASX20, in other words it's not trying to copy the ASX 200 index exactly. Two of those larger positions are Challenger Ltd (ASX: CGF) and Orora Ltd (ASX: ORA).
WAM Leaders has performed well over the past year, its portfolio has outperformed the ASX 200 Accumulation Index by 3.6% before fees, expenses and taxes, with a gross return of 29.6%.
WAM Leaders can use this strong performance to pay a growing fully franked dividend. It has a grossed-up dividend yield of 6.4%.
Foolish takeaway
I believe each of these shares has attractive features. I think Rural Funds can provide the most reliable income over the medium-term, however Future Generation could be the best pick for the long-term thanks to its flexible investment mandate and diverse underlying portfolio.
