If you're building a retirement portfolio then it could be worth checking out the ASX shares listed below.
They are all high-quality businesses, leaders in their field, and have positive earnings and dividend outlooks.
Here's what you need to know about them:
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Telstra Group Ltd (ASX: TLS)
The first ASX retirement share to look at is Australia's largest telco, Telstra.
It has the type of defensive qualities that you would want from a retirement portfolio holding. It also offers an above-average dividend yield, which is tipped to grow.
For example, Goldman Sachs is forecasting fully franked dividends per share of 18 cents in FY 2024 and 19 cents in FY 2025. Based on the current Telstra share price of $4.00, this will mean yields of 4.5% and 4.75%, respectively.
Goldman has a buy rating and $4.70 price target on its shares.
Transurban Group (ASX: TCL)
Another ASX retirement that could be a buy is Transurban.
It is the toll road giant behind roads including CityLink, Cross City Tunnel, AirportlinkM7, and 95 Express Lanes, as well as the Linkt, Expresslane, A25 Smart Link platforms.
The team at Citi sees Transurban as a top option to buy right now. In fact, its analysts "see upside to DPS guidance from CPI-linked tolls."
The broker is forecasting dividends per share of 63 cents in FY 2024 and 65 cents in FY 2025. This will mean yields of 4.8% and 4.9%, respectively.
Citi has a buy rating and $15.90 price target on Transurban's shares.
Woolworths Limited (ASX: WOW)
A final share to look at buying is Woolworths.
It is the retail conglomerate behind the Woolworths supermarket chain, Countdown supermarkets in New Zealand, and Big W. It also has a growing presence in the pet care market.
Much like the others, it has the defensive qualities that you would want from an ASX retirement share.
Goldman Sachs is a very big fan of the company. So much so, it has Woolworths on its coveted conviction list.
It expects its omni-channel advantage and potential market share gains to underpin fully franked dividends per share of $1.15 in FY 2024 and $1.25 in FY 2025. This will mean yields of 3.2% and 3.45%, respectively.
Goldman has a conviction buy rating and $43.30 price target on Woolworths' shares.
