Are you worried about inflation eating into your savings? Dividend stocks could be your solution. These three companies, Medtronic, General Dynamics, and Illinois Tool Works, have been consistently increasing their dividends for decades. That means they can help you offset rising costs and enjoy some extra cash.

Medtronic makes medical devices for various fields like heart care and diabetes management. They've been paying out dividends for 47 years straight. Even when profits dip, they keep the dividends flowing. How do they manage this? By generating plenty of free cash flow. In the last year, their free cash flow jumped by 41%, giving them enough to keep up their dividend payments and even increase them.

General Dynamics is another solid pick. This global aerospace and defense company has been raising its dividends for 27 years. They've got steady income from government contracts, which helps them keep paying out those dividends. recently, they landed a big deal with the U. S. Air Force worth $5. 6 billion. That's a lot of cash coming in, which they can share with their investors.

Illinois Tool Works is in the manufacturing business. They've been increasing their dividends for nearly three decades. Even when their revenue dipped slightly last year, they still managed to boost their operating income and net income. They're planning to grow even more in the coming years, which should mean more dividends for their investors.

Invest in These Top Dividend Stocks for Passive Income

Actions