Forever is a long time, but there's good reason to think that Costco (COST -0.12%), Hormel (HRL -0.93%), and PepsiCo (PEP -0.41%) could keep paying their dividends well into the future. And that's what dividend investors looking to live off the income generated by their portfolios can really learn to love.

Here's why this trio are all worth putting on your dividend wish list. One even looks like an attractive buy today.

1. Is it a store or a club?

Costco is a warehouse club, where customers pay an annual fee for the privilege of shopping at the store. Although it isn't the only company that uses this approach, it's one of the largest.

Charging annual dues changes the retail equation in a huge way. While membership fees make up less than 2% of the company's overall revenue, they account for about 55% of its operating income. This is because most of the operating costs are a result of the retail operations. The annual fees fall right to the bottom line. 

This dynamic allows Costco to compete aggressively on price, giving it a leg up on retailers that don't use this model. Cheap prices keep customers happy, leading to more loyal members. (The global renewal rate was 90% in 2022.)

It's a virtuous circle supporting the company's growing global footprint, which brings in more membership-fee paying customers. No wonder Costco has increased its dividend for 19 consecutive years. 

The problem is that investors are aware of the success Costco has achieved and the stock is rarely cheap. The 0.7% dividend yield is toward the low end of its historical range right now, but this is a name to watch in case a bear market leads investors to sell the stock. As long as the virtuous circle of membership and low prices continue, there's no reason to doubt the strength of the dividend.

2. On sale now

If you're looking to add a stock to your portfolio today, Hormel is a name to dig into. The yield is 2.45%, which is toward the high end of the company's historical yield range.

Hormel is a Dividend King with over five decades of annual dividend increases under its belt and an investment-grade rated balance sheet. The yield is so high today because its stock has fallen due to inflation that has put pressure on the company's profit margins, supply chain bottlenecks that have complicated its operations, and the avian flu that is hurting its Jennie-O Turkey business.

The thing is, none of these headwinds are Hormel's problems -- they're larger issues that all of its peers are facing, too. Perhaps more important, all of them are likely to end up being temporary if you think in decades and not in months.

Meanwhile, Hormel has an incredible collection of brands, including iconic Spam, Planters, and Skippy, along with the company's namesake offerings. Most of its products hold leading positions in the niches they serve. While Wall Street is preoccupied with the present, you have an opportunity to buy a great food maker on the (relatively) cheap.

3. Soda and chips

PepsiCo is another consumer-staples stock that's positioned to benefit from consumer-habit shifts. Specifically, more people are snacking, which makes the drinks it sells under the Pepsi side of things, and the snacks it offers within Frito-Lay, a one-two success combination.

The dividend has been increased annually for over five decades. There's no reason to think that growth is about to come to an end.

That said, the really exciting story here isn't in developed markets. Those are generally stable regions where PepsiCo earns most of its revenues. Think of that as the foundation.

The global giant is expanding into fast-growing emerging markets. These are regions of the world where people are still moving up the socio-economic ladder and, increasingly, achieving the prosperity needed to support the snacking habit that is so well entrenched in developed markets. PepsiCo's dividend yield is 2.6% today, which is about the middle of the road, historically speaking.

If you don't mind paying full price for a great company, it might be worth a look. Value investors, however, will want to keep watching, just in case investors get unreasonably negative for some reason.

Now and later

Investors looking to put some money to work right now will probably like Hormel and its historically high dividend yield. PepsiCo and its solid emerging-market growth prospects might also be of interest, unless you prefer the value approach. Costco is one for the watch list because of its premium price but is a gem of a business that's worth waiting for.