For those who are starting their first job, retirement may seem like a far-off concept that you need not worry about. However, you should realise that time is of the essence. You should start to grow your wealth as soon as you enter the workforce and start earning a salary. In case you are wondering how you’ll ever save up enough for retirement amid the rising cost of living, know that savings alone won’t be sufficient to help you build your nest egg. You need to put your money to work by investing it in the stock market – specifically, dividend-paying stocks. Dividend investing is one of the tried-and-tested methods for not just growing your wealth, but also generating an increasing stream of passive income that can serve you well into your retirement. Here’s how you can go about harnessing the power of dividend investing.

Build a portfolio of dividend stocks

The first step is to build up a portfolio of dividend stocks....