As of early June, an investor can earn roughly a 1.4% annual dividend yield by simply owning a market index fund that tracks the S&P 500. That's a historically low rate -- mainly thanks to the huge rally that investors have seen in the past year.

But many individual stocks are much more generous with their payouts. Let's look at a few attractive dividend-paying stocks that deliver at least twice the market's average yield. Read on to see why PepsiCo (PEP 0.50%), Hasbro (HAS 5.31%), IBM (IBM 0.16%), and Pfizer (PFE -0.38%) all deserve a spot on your income watchlist.

Stacks of coins with plants sprouting out.

Image source: Getty Images.

1. PepsiCo

Pepsi is just a year away from reaching Dividend King status, which will apply after it raises its dividend for a 50th consecutive year in 2022. But income investors don't have to wait until then to own this diversified consumer foods giant.

Pepsi's deep portfolio of snacks helped it post solid growth in 2020 despite pandemic-related demand slumps in the soda industry. Wall Street is worried about a modest profitability drop ahead as the company invests more in growth niches like energy drinks. But Pepsi is playing the long game, and cash it spends upgrading its supply chain should pay off for shareholders over time.

2. IBM

IBM boasts some attractive dividend metrics. It yields over 4%, and the IT giant has also raised its dividend in each of the last 25 years.

There are some notable risks to be aware of, though. IBM is executing a spin-off right now that might threaten its overall payout. Sales growth has been hard to find recently, too, with revenue falling 2% in early 2021 after accounting for currency exchange shifts.

Still, income investors will enjoy IBM's gushing cash flow and its large, stable business. You might be happy to collect an above-average dividend while waiting for big bets in areas like cloud services to deliver faster sales growth in the years to come.

3. Pfizer

Despite its central role in ending the COVID-19 pandemic, Pfizer stock has trailed the broader market over the past year. That situation has helped push its yield above 4%, though, in a welcome development for dividend fans.

The biotech giant recently raised its growth outlook after sales jumped 42% in the first quarter. Besides its COVID-19 vaccine, which will require several more treatments over the next few years, other promising drugs include blood clot-fighting Eliquis, which grew sales by over 30% in early 2021.

Sure, Pfizer isn't likely to see a repeat approaching anything close to the $26 billion it is expecting to book for the COVID-19 vaccine this year. But this dividend stock still has a lot to offer investors who want exposure to the biotech world.

4. Hasbro

There's plenty of room to grow in the toy niche -- if you're a dominant global player, that is. Hasbro has been cashing in on its leading position for years, through its mix of company-owned brands like Monopoly and Nerf and exclusive partnerships with giants like Disney. Growth in these areas allowed sales to rise 1% last quarter despite a 34% COVID-19-related slump in its TV division.

Wall Street has acknowledged this good news by sending the stock higher over the past year. But investors can still get an almost 3% yield by owning its shares.

In mid-2021, prices are rising for many things, including stocks. But investors can still find attractive businesses to own that also happen to pay generous dividends. That combination of growth and income is a powerful one to support your portfolio up to retirement and beyond.