Income investors basically want two things from their dividends: as much money as possible, with the greatest level of safety as possible. There are plenty of places to get ideas for dividend stocks that might check off both boxes. One is the S&P 500.

The S&P 500 is one of the world's most widely followed indexes. It consists of the 500 largest companies that are listed on U.S. stock exchanges. Over 400 of them pay dividends.

Unfortunately, many of those dividends are too small to be attractive to income investors. But some S&P 500 stocks offer especially juicy yields. Should you buy the five highest-paying dividend stocks in the S&P 500? Here they are -- along with which ones are worthy of serious consideration.

1. Altria Group

Altria Group (MO -0.37%) pays the highest dividend in the S&P 500 with its yield of 9.45%. Even more impressive, though, is that the tobacco giant has increased its payout for 54 consecutive years. This impressive record makes Altria a member of the elite group of stocks known as Dividend Kings.

Is Altria a great pick for income investors? I don't think so. The company still generates most of its revenue from cigarettes, but demand for the products continues to decline.

I don't think the dividend is in jeopardy. However, my concern is that Altria's stock performance could offset the income that investors receive from its dividends.

2. Walgreens Boots Alliance

Walgreens Boots Alliance (WBA 0.57%) easily takes the No. 2 spot on our list with its dividend yield of 9.21%. The large pharmacy retailer and wholesaler has increased its dividend for 47 consecutive years. That streak could be at risk, though: Walgreens hasn't raised its dividend so far this year.

It's important to understand the challenges that Walgreens faces, including an uncertain macroeconomic environment and a sizable debt to service. However, the company has a new CEO and is cutting costs. Wall Street remains generally bullish about the stock, with the average 12-month price target reflecting an upside potential of more than 20%.

I think that this stock is at least worthy of consideration by income investors who aren't afraid of potential volatility.

3. Boston Properties

Boston Properties (BXP -0.71%) currently pays a dividend yield of 7.3%, enough to put it in third place among the S&P 500 dividend stocks. The real estate investment trust (REIT) hasn't increased its dividend since 2020.

I wouldn't be shocked if Boston Properties cuts its dividend in the not-too-distant future. Other office landlords have already done so. My view is that now isn't a good time to invest in office real estate -- even with a yield as tempting as Boston Properties'.

4. Healthpeak Properties

Healthpeak Properties (DOC 2.51%) is another REIT in the S&P 500 that trails closely behind Boston Properties. Healthpeak's dividend yield is 7.21%, landing it at No. 4 on our list.

This REIT owns healthcare properties, including labs, outpatient medical clinics, and continuing-care retirement communities. It's also merging with Physicians Realty Trust in a transaction expected to close in the first half of 2024.

I like this deal. And I think it helps make Healthpeak a high-yield dividend stock that income investors should seriously consider buying.

5. Verizon Communications

A familiar name for income investors claims the fifth position among the highest-paying S&P 500 dividend stocks. Verizon Communications' (VZ 1.17%) dividend yield currently stands at 7.11%. The telecommunications giant has increased its dividend for 17 consecutive years.

Like other major telecom companies, Verizon faces several headwinds. But I like that its business appears to have picked up momentum recently. In particular, the company is generating significantly greater free cash flow. My view is that Verizon is one of the more attractive ultra-high-yield dividend stocks on the market.