If you're retired, dividend stocks can serve a particularly valuable role in your portfolio, and not just because they can deliver a reliable income stream that you can use to help cover your living expenses. Well-chosen dividend stocks can also be powerful growth investments during bull markets and help to preserve your wealth during bear markets.

Here are five such companies that would be excellent choices for your retirement portfolio.

A sign labeled dividends next to a roll of $100 bills

Image source: Getty Images.

ExxonMobil

Retirees seeking sizable dividends may want to take a look at ExxonMobil (NYSE:XOM). The oil and natural gas giant's stock currently yields a hefty 5%.

Analysts at Bank of America think ExxonMobil's shares could surge more than 40% to $100 per share in 2020. Exxon's long-term plan to double its earnings and operating cash flow by 2025 is progressing nicely, according to the bank's analysts, as its investments in shale, deepwater, and liquefied natural gas projects have it on track to increase production to 5 million oil-equivalent barrels per day. That expanded oil and natural gas production likely will mean more dividend hikes for ExxonMobil's shareholders.

Starbucks

Investors interested in dividend growth should also consider Starbucks (NASDAQ:SBUX). The coffee king has increased its cash payout by double-digit percentages annually for 10 consecutive years.

Its latest dividend raise -- a 14% hike announced on Oct. 30 -- brought its yield up to about 1.9%. That news came in conjunction with the chain's fourth-quarter and full-year results, which were impressive. In its fiscal 2019, Starbucks' revenue rose 7%, to $26.5 billion, fueled by a 5% jump in global comparable-store sales. The chain's adjusted earnings per share, meanwhile, leaped 17% to $2.83. 

As with Exxon, analysts see plenty of upside for Starbucks' stock. And with its profits projected to grow by double-digit percentages annually for at least the next half-decade, investors should expect further sizable dividend increases.

Disney  

Disney's (NYSE:DIS) diversified revenue streams make it a low-risk stock pick. The entertainment colossus' theme parks, cruise ships, movie studios, cable networks, streaming services, and global merchandising machine all serve as means to monetize its incredible collection of brands and catalog of intellectual property. Each part of Disney's entertainment empire helps to reinforce the others, widen its economic moat, and reduce risk for investors.

With Marvel, Pixar, Star Wars, ESPN, and its namesake brand all under its umbrella, Disney has a level of brand firepower that other companies can only dream of. Moreover, it excels at turning its beloved characters and IP into cash. It generated more than $10 billion in profits in fiscal 2019 and paid out nearly $3 billion in dividends. Disney's shares currently yield 1.2%, and the House of Mouse's massive profits give it plenty of room for further payout increases.

Waste Management

If you're worried that a recession may be around the corner, check out Waste Management (NYSE:WM). Regardless of the economic environment, people will still need this aptly named provider of waste solutions to regularly collect their trash, which means its shareholders should expect to be able to collect their dividends through both bull and bear markets. 

Waste Management owns the largest network of landfills, recycling centers, and transfer stations in North America. Together, these assets form a wide moat around its business, as stringent regulations and property owners' protests make it challenging to build new waste disposal sites.

With its revenue and profits well protected, Waste Management can return much of its free cash flow to investors. The trash titan recently boosted its dividend by 6.3% to an annualized $2.18 (giving it a yield of 1.9% at current share prices), continuing a streak of 17 straight years of payout increases. 

AT&T

Investors who favor value stocks may find AT&T (NYSE:T) intriguing. The telecom titan's shares can currently be had for less than 11 times analysts' earnings estimates for 2019, and the stock's dividend now yields a bountiful 5.4%.

AT&T has its share of challenges, particularly with its pay-TV offering, but management is working to address them. The company also recently announced a three-year plan with aggressive targets for debt reduction, as well as earnings, free cash flow, and dividend growth. If management can deliver on these goals, investors who buy AT&T shares today could be well rewarded.