A good thing about the downturn in the markets over the past couple of years is there are many high-yielding stocks to choose from right now, which can help you make the most of your money.

Three top dividend stocks to consider for your portfolio are Altria Group (MO -0.37%), Verizon Communications (VZ 1.17%), and Bank of Nova Scotia (BNS 0.71%). Investing $13,000 in these stocks can be enough to generate $1,000 in dividend income next year.

Here's how you could spread that investment out across these stocks to diversify while collecting some significant dividend income.

1. Altria: $5,000

Altria has been one of the most reliable dividend stocks to own over not just years, but decades. The tobacco giant is a Dividend King, having increased its dividend for more than 50 straight years. It's an impressive feat that not many dividend stocks can claim.

Today, however, the company faces growing risks relating to its core business. Tobacco use is declining and attempts to pivot (e.g. the Juul e-cigarette) haven't been terribly successful. Investors remain bearish on the stock, which is why it has struggled and the yield is up to a whopping 9.8%. On a $5,000 investment, you could be collecting $490 in annual dividend income at that height of a payout.

The good news is that the dividend remains manageable. Over the first nine months of 2023, the company has reported diluted earnings per share of $3.40, which averages out to $1.13 per quarter -- higher than its quarterly dividend payment of $0.98. It's not a huge buffer, but with sales down just 2.5% this year, the wheels aren't exactly falling off the business.

Altria isn't a dividend stock I would suggest simply buying and forgetting about. Investors should keep close tabs on the stock and evaluate how the business is doing on an ongoing basis.

But if you're willing to take on some risk, the high yield could make it a worthwhile investment on which to take a chance. The company continues to invest in smoke-free products as a way to attract new customers and that could pay off in the long run.

Overall, this can make for an appealing contrarian investment as the stock's high dividend and low price-to-earnings (P/E) multiple of 8 can give you an incentive to buy it despite the challenges the company is facing.

2. Verizon Communications: $4,000

Another high-yielding stock to consider for your portfolio is telecom company Verizon. At 7.5%, a $4,000 investment in the company could generate $300 in dividends over the course of a full year.

Telecom companies can be relatively safe businesses to invest in as they generate recurring income from consumers and businesses. Recession or not, having a cellphone these days is a near necessity for most people.

The stock's struggles likely have more to do with rising interest rates. Since March 2022, when the Federal Reserve began raising rates, Verizon's shares have fallen 33% -- the S&P 500 is up around 3% during that stretch. Investors have been moving money out of telecom companies, which often carry significant debt on their books, and into safer investments and businesses that require less capital to run.

But with Verizon's payout ratio being around 50%, the risk looks overblown, and that means investors could have a steal of a deal on their hands with this stock. Last month, the company announced that it would be raising its guidance for free cash flow for the year by $1 billion to a total of $18 billion, which is a clear sign that the business is doing well.

Verizon's stock has been rallying of late but its valuation remains incredibly cheap, trading at a P/E of only 7.

3. Bank of Nova Scotia: $4,000

Rounding out this list is a top Canadian bank stock that is now yielding 7.2%. That's the payout investors can expect to collect from the Bank of Nova Scotia.

If you invest $4,000, that kind of a yield would give you approximately $290 in annual dividend income. Between this and the other two stocks on this list, that means you could be earning approximately $1,080 in annual dividends next year if you invest $13,000 in these companies.

Not unlike telecom stocks, bank stocks have been struggling recently as concerns of a downturn in the economy have investors worried that worse results may be ahead for banks. But the Canadian chartered banks provide investors with fairly safe options. They are the largest banks in Canada and dividend cuts are incredibly rare.

Bank of Nova Scotia has reported earnings of 7.6 billion Canadian dollars over the trailing 12 months, which is good enough for a profit margin of 24%. Trading at a P/E of only 9, this is another fairly cheap dividend stock to load up on, not just for next year, but for the long haul.