Want Decades of Passive Income? 3 Stocks to Buy Now and Hold Forever

There's a strong parallel between for passive income and planting an apple tree

Both require some work up front

But if all goes well, you can reap the fruits of those labors (literally, in the case of the apple tree) for years afterward

Of course, there are some potential pitfalls

An apple tree could become diseased and stop bearing fruit

Similarly, the companies you invest in could struggle and stop distributing income

The good news for investors is that selecting the right dividend stocks can minimize the risk of that happening

Want decades of passive income

Here are three stocks to buy now and hold forever

Image source: Getty Images

AbbVie If you're looking for the companies with the best dividend track records, you'll want to check out the elite group of stocks known as the Dividend Kings

The list includes over 50 stocks

Many of the Dividend Kings don't offer kingly yields

At its current price, the drugmaker's forward dividend yield stands at 3

Moreover, AbbVie has increased its payouts annually for 53 consecutive years

You'll get more than just a dividend with AbbVie, though

The company should have solid growth spects thanks to rising stars such as Rinvoq, Skyrizi, Ubrelvy, and Qulipta

AbbVie's pipeline looks mising as well, with around 90 grams in clinical development, roughly 50 of which are in mid- or late-stage testing

Perhaps the most impressive thing AbbVie, other than its dividend, is the company's resilience

Not long ago, it faced the loss of patent exclusivity for its top-selling duct, the autoimmune disease drug Humira

Today, the company has two successors treatments to Humira that together are on track to be even bigger winners

Enbridge Want even more passive income

Consider in Enbridge (ENB -0

And while Enbridge isn't a Dividend King AbbVie, it has increased its payouts annually for an impressive 30 consecutive years

AbbVie, Enbridge has a highly resilient

Enbridge is one of the biggest mid energy companies

This helps lower the company's risk level even more

I think Enbridge's utility also makes the passive income the company generates more dependable

Realty Income has also boosted its dividend annually for 30 consecutive years

Another attribute that will appeal to many investors is that Realty Income distributes its dividends monthly rather than quarterly

It even trademarked the name "The Monthly Dividend Company. " Realty Income has a strong tenant base, leasing perties to 1,598 different clients across 91 industries

These leases are also usually long, which vides the REIT with consistent, recurring revenue

I also Realty Income's long-term growth spects

Keith Speights has positions in AbbVie, Enbridge, and Realty Income

The Motley Fool has positions in and recommends AbbVie, Abbott Laboratories, Enbridge, and Realty Income

The Motley Fool has a disclosure policy.