I think retirement portfolios could still benefit from owning businesses that are capable of growing for many years, particularly when they also offer defensive earnings or shareholder income.
For investors looking to add individual ASX shares, Coles Group Ltd (ASX: COL) and Telstra Group Ltd (ASX: TLS) are two companies I would consider, along with another S&P/ASX 200 index (ASX: XJO) blue-chip business that has caught my attention.
Here is why.
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Coles shares
Coles has several qualities I would look for in a retirement investment.
Australians still need groceries when economic conditions become difficult, giving the supermarket giant relatively defensive demand. Coles also generates substantial cash flow and regularly returns some of that money to shareholders through fully franked dividends.
There is growth here as well. Coles has spent heavily on automated distribution centres and online fulfilment, and those investments are starting to strengthen the business. Supermarkets earnings increased by 14.6% during the first half of FY26, helped partly by benefits from its automation program.
Online sales also grew by 27%. I think this is important because Coles can continue adapting to how customers want to shop rather than relying entirely on its established store network.
For a retirement portfolio addition, I like the combination of defensive demand, dividends, and opportunities to gradually improve earnings.
Telstra shares
Telstra is another ASX 200 share I think could fit well alongside other retirement investments.
Mobile and internet connectivity have become essential services for households and businesses. That gives Telstra a recurring revenue base that should be relatively resilient when consumers become more cautious with their spending.
Its mobile business also continues to move in the right direction. Mobile services revenue increased by 5.6% in the first half of FY26 as average revenue per user increased and more customers chose Telstra's network.
That growth, together with tighter cost control, is supporting higher cash earnings.
It is also supporting dividend increases. Telstra increased its interim dividend earlier this year, while management continues to target a sustainable and growing payment over time.
I think steady earnings growth and a dependable dividend can be a valuable combination for retirees who still want their capital working for them over many years.
Sigma Healthcare Ltd (ASX: SIG)
My third pick is Sigma Healthcare, the company behind Chemist Warehouse following the merger completed in 2025.
Healthcare and pharmacy spending can provide another source of relatively defensive demand, but what interests me most is the growth opportunity.
Chemist Warehouse continues to expand in Australia and overseas. Australian Chemist Warehouse branded store sales increased by 17.2% during the first half of FY26, while international network sales jumped by 24.5%.
I think the combined group has several ways to keep growing from here. It can open more stores, expand internationally, increase sales of its own and exclusive products, and extract further benefits from bringing the Sigma and Chemist Warehouse businesses together.
Sigma carries more growth risk than Coles or Telstra, but I think that could make it an interesting addition for investors seeking capital growth alongside more defensive holdings.
Foolish takeaway
Coles, Telstra, and Sigma each offer something I would value in a retirement investment.
Coles provides defensive grocery exposure, Telstra combines essential connectivity with steady income, and Sigma offers a stronger growth angle through Chemist Warehouse.
I would be comfortable owning any of the three alongside other investments in a retirement portfolio.
