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Retired investors are often looking to use dividends so they can live off of their nest egg, avoiding the need to dip into it. That is why passive income streams are so desirable. The key is to find companies that have proven they can keep paying through both good times and bad.

Black Hills (NYSE: BKH), Chevron (NYSE: CVX), and Enbridge (NYSE: ENB) have all proven they can provide decades of passive income. Here's a closer look at these three stocks.

1. Black Hills: Boring and reliable

As far as utilities go, Black Hills is a small fry with a market cap of just $3.5 billion. However, it has achieved something that most of its peers have not -- it is a Dividend King, with over 50 years' worth of annual dividend increases behind it. Dividend growth has been consistent at around 5% a year over the past decade. That's not huge, but it is more than enough to surpass the historical growth rate of inflation. Thus, the buying power of the dividend here has grown over time. The current yield is near a decade-high at over 4.9%.

Rising interest rates have made it more expensive for Black Hills to operate its business, as utilities tend to make heavy use of debt. That's a headwind but not the end of the world. Notably, the regions that Black Hills serves have been growing at nearly three times the pace of population growth nationally. So there's a fairly strong foundation for the business to keep expanding, and that, in turn, should lead to more dividend growth. The near term might be a bit more difficult for Black Hills, but given the dividend history, it seems likely it will muddle through while continuing to reward dividend investors well for sticking around.

2. Chevron is a rock-solid energy stock

Chevron is a globally diversified, integrated energy giant. Selling oil and natural gas is an inherently volatile business, given the nature of these commodities. Yet Chevron has managed to increase its dividend annually for 36 consecutive years. If you would like to include some exposure to carbon fuels, this stock is a good way to go about it. There are multiple fundamental reasons for that.

For example, the integrated model Chevron uses means it has exposure to the entire energy value chain. That helps to smooth out the peaks and valleys of commodity prices. Further, Chevron has a rock-solid balance sheet, allowing it to use leverage to muddle through the industry's inevitable downturns. When the upturn arrives, as it always has historically, Chevron pays down the debt and prepares for the next weak patch. However, the short-term use of debt provides it with the funds to continue supporting its business and dividends. Energy stocks are volatile, but Chevron, and its roughly 4% dividend yield, is a good balance of risk and reward in the sector.

3. Enbridge is a "hybrid" that's shifting with the world

Enbridge, based out of Canada, generates most of its cash flows from oil and natural gas midstream assets. Energy companies pay fees for the use of this vital energy infrastructure, creating reliable cash streams for Enbridge to support its huge 7.8% dividend yield. In this way, the company is tied to the energy sector. However, Enbridge also owns natural gas utility businesses and renewable power assets, which make it something of a utility as well. In 2024, it has plans to buy three more natural gas utilities, further shifting the business in a conservative direction. The dividend has been increased annually for 29 consecutive years.

The key attraction of Enbridge's business model is that it is backed by fees and regulated assets. Thus, there's no particular reason to believe that it will be unable to continue supporting its dividend. That said, given the size of the yield, investors need to understand that the yield will likely make up the lion's share of returns here. Slow and steady dividend growth is probably the best you can hope for. However, for investors looking to maximize the income they generate, that probably won't be a negative.

Three stocks to help you live off of your dividends

Black Hills is a reliable dividend-paying utility with an attractive yield. Chevron is a reliable dividend-paying energy company that can add valuable diversification to your portfolio. Enbridge is a mix of an energy stock and utility that has a very large yield and decades of dividend growth behind it. All three are worth a closer look if you are trying to build a passive income stream so you can live off of your dividends in retirement.

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Reuben Brewer has positions in Black Hills and Enbridge. The Motley Fool has positions in and recommends Chevron and Enbridge. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.