When it comes to retirement investing, the name of the game is balance.
Investors want reliable income, long-term capital preservation, and ideally, a little growth to keep ahead of inflation.
That's why carefully selected ASX shares can play a vital role in a well-rounded retirement portfolio — especially those with strong business models, consistent earnings, and dependable dividends.
Here are three ASX shares that analysts rate as buys and could be a strong fit for investors building or managing a retirement portfolio.
APA Group Ltd (ASX: APA)
For those seeking stable, inflation-linked income, APA Group could be a top pick. The energy infrastructure company owns and operates a vast network of gas pipelines and other energy assets across Australia.
Its revenue is largely underpinned by long-term contracts, which provide predictable cash flows — a key feature for retirees who rely on steady income. APA also offers quarterly distributions, which can help align better with income needs, and has committed to decarbonisation efforts that could support future growth.
Speaking of distributions, the team at Jarden is forecasting payouts of 57 cents per share in FY 2025 and then 58 cents per share in FY 2026. Based on its current share price, this would mean dividend yields of 6.7% and 6.8%, respectively.
Jarden has an overweight rating and $8.85 price target on its shares.
Endeavour Group Ltd (ASX: EDV)
Endeavour Group is Australia's leading alcohol retailer, with hugely popular brands like Dan Murphy's and BWS, as well as its ALH Hotels network of more than 350 licensed venues.
This mix of retail and hospitality gives it multiple income streams and exposure to discretionary spending categories that tend to be resilient — even during economic slowdowns.
Analysts at Morgan Stanley are positive on the company. They believe it is well-placed to provide investors with some attractive dividend yields. The broker is forecasting fully franked dividends of 19 cents per share in FY 2025 and 21 cents in FY 2026. Based on the current share price of $4.04, this would mean dividend yields of 4.7% and 5.2%, respectively.
It has an overweight rating and $5.30 price target on the ASX share.
Woolworths Group Ltd (ASX: WOW)
Woolworths is one of Australia's most dominant supermarket operators. It has long been a favourite among income-focused investors. Its core grocery business generates steady, recurring revenue thanks to consumer demand for everyday essentials — making it more resilient in periods of economic uncertainty.
The company has a long history of paying fully franked dividends, which can help boost after-tax income in retirement. At present, it offers a dividend yield in the region of 2.7%.
And with a continued focus on supply chain efficiency and digital retail, Woolworths is also evolving to stay competitive well into the future. This bodes well for its future dividends.
Ord Minnett is a fan of the company. It has a buy rating and $36.00 price target on its shares.
