If I were entering retirement tomorrow, I'd buy these ASX shares

These are strong businesses with impressive dividend credentials.

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Some ASX shares are exciting growth stocks, while other names are compelling picks for dividend income. I'm going to talk about three ASX dividend shares I'd like to own for retirement.

Businesses that have generous dividend payout ratios can lead to solid dividend yields.

Retirement is an important stage when it comes to finances – winding down work earnings means that investment income earnings (and stability) are essential. I wouldn't want to see my income completely disappear when I need it most.

These are three I'd want to own.

Centuria Industrial REIT (ASX: CIP)

This is a real estate investment trust (REIT) that owns a portfolio of industrial properties across in-demand markets where there is a limited availability of assets that can meet the tenant demand.

In February, the business reported 6% like-for-like net operating income growth. In the first half of FY24, it delivered re-leasing spreads of 51%, meaning it's now getting rental income that's 51% more on a new rental contract compared to the old contract.

Ross Lees, Centuria head of funds management, said:

CIP has had a longstanding differentiated strategy to build a portfolio of high-quality urban infill logistics assets. It is pleasing to see this long-term disciplined approach to portfolio construction, alongside an active approach to asset management, resulting in significant rental growth being delivered for unitholders.

It has an occupancy rate of 97.2%, a weighted average lease expiry (WALE) of 7.5 years and an expected distribution yield of 4.8% for FY24.

I think the rental profit outlook is very promising for this ASX share.

Medibank Private Ltd (ASX: MPL)

Medibank is the leading business in the health insurance space, with its Medibank and ahm brands.

Healthcare is the type of spending category that I'd guess a lot of households will continue with even if their finances are tighter because health is a crucial aspect of our lives.

The recent FY24 first-half result was a good example of how the business is performing during this challenging period – it saw net resident policyholder growth of 3,400 and net non-resident policy unit growth of 33,800.

HY24 saw revenue from external customers increase by 3.3% to $4.02 billion, group operating profit rose 4.2% to $319.4 million, net profit after tax (NPAT) jumped 103.2% to $343.2 million, the underlying NPAT went up 16.3% and the interim dividend per share increased 14.3% to 7.2 cents.

The last two dividends declared amount to a grossed-up dividend yield of 6.1%.

Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)

Soul Pattinson is a diversified investment house that owns a large array of investments across different sectors, including telecommunications, resources, building products, property, financial services, agriculture, financial services, swimming schools and so on.

It has already existed for over 120 years, and I think there are strong reasons to believe it can be around in another 50 years. The fact it can alter its portfolio as time goes by makes me think it can always adjust its portfolio to be aimed at future growth areas.

The ASX share has grown its dividend each year since 2000, which is the longest growth streak on the ASX. It currently has a trailing grossed-up dividend yield of 3.6%.

Motley Fool contributor Tristan Harrison has positions in Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has positions in and has recommended Washington H. Soul Pattinson and Company Limited. 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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