If you're in your 70s, you'll probably appreciate an investment that can supply you with a steadily rising stream of income -- one that can help support you in retirement and that you can count on year after year.

There are a select few stocks that meet these criteria. Read on to learn about one of the best available in the market today.

A pipeline to profits

Spectra Energy Partners (NYSE:SEP) is one of the country's largest natural gas pipeline companies. It owns more than 15,000 miles of transmission pipelines and 170 billion cubic feet of natural gas storage facilities. These nearly irreplaceable assets extend across the U.S. to virtually all major supply basins and key demand markets.

Notably, 90% of Spectra's revenue comes from fees backed by long-term contracts. Spectra's customers pay these fees to reserve capacity on its pipelines and in its storage facilities. And it earns these fees regardless of natural gas price fluctuations or the actual volume of gas that passes through its pipeline network.

A natural gas pipeline facility

Image source: Getty Images.

Spectra's tollbooth-like business enjoys a monopoly-like competitive position. Pipelines that cross state lines are expensive to construct and difficult to get approved. Potential rivals would face huge cost and regulatory hurdles if they were to try to build competing pipelines, so Spectra has little to fear in this regard. It's far easier to add capacity to existing infrastructure, which only serves to increase the value of Spectra's network and ensure that it continues to earn attractive returns.

Moreover, as a master limited partnership, Spectra is required to pay out at least 90% of its profits to its unitholders to receive the associated tax benefits. In turn, Spectra currently yields 6.8% -- a sizable bounty in today's yield-starved world. And with the $4 billion in growth projects it already has slated in the coming years, Spectra should be able to raise it distribution above the rate of inflation for at least the next half-decade, thereby protecting and growing its investors' purchasing power.

Better still, Spectra's units are trading at a bargain price at about 12 times distributable cash flow. In a market environment in which many stocks are trading at historically high valuations, Spectra's units are downright cheap. Yet the market has a tendency to eventually correct its mistakes, so the opportunity to buy Spectra at a near 7% yield may not last long. As such, if you're a 70-year-old investor looking to add a solid stream of dividend income to your portfolio, you may want to consider buying Spectra Energy Partners today.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.