Consistent dividend payments can make a huge difference to your overall portfolio performance over time. By reinvesting your dividends, the power of compounding is put to work and portfolio gains over the long term can be exponential.

The average FTSE 100 dividend yield is around 4% but there are many companies that yield more than that. You just need to be cautious in relation to the sustainability of future payouts. 

Here are three FTSE 100 stocks that are forecast to yield over 5% in the near future.

Capitalise on share price weakness

The UK insurance sector has struggled this year with the share prices of many insurers falling considerably on the back of regulatory capital concerns and Brexit fears. Aviva (LSE: AV) is no exception with its share price having fallen 16% year-to-date.

While a share price decline of such magnitude can be frustrating, it can also present an excellent opportunity for dividend investors to acquire a higher yield, assuming the dividend isn’t at risk of being cut. 

For example, Aviva’s dividend payout for FY2015 was 21p per share. When Aviva’s share price was 500p at the start of the year, the dividend payout equated to a yield of 4.2%. However, with the stock now trading at a price of around 440p, Aviva’s yield has now been elevated to a sizeable 4.8%.

Furthermore, with the acquisition of Friends Life contributing to acquisition synergies and enhanced profits, city analysts anticipate Aviva to pay out 23p per share in dividends for FY2016.

That would push Aviva’s yield up to a high 5.2%, potentially making a nice income contribution to your portfolio.  

Woodford favourite

Similarly, Neil Woodford favourite Legal & General Group (LSE: LGEN) has also seen its share price suffer this year, falling from 260p to around 235p. At the current price of 235p, Legal & General is yielding 5.5%.

With such a high yield, there may be some scepticism as to whether this yield is sustainable, however the general consensus in the square mile is that Legal & General will actually boost its dividend payout from 13p per share in FY2015 to 14p in FY2016.

A 14p per share payout would lift the bulk annuity specialist’s yield to a huge 6%  – around 1.5 times the average FTSE 100 yield and a dream yield for income hunters. 

Utilities dividend champion

Utility stocks might not be the most exciting stocks in the world but they can make excellent income stocks with their consistent dividend payouts.

SSE (LSE: SSE) is a great example of this as the company has increased its dividend payout to shareholders in each of the last five years.

With 89p per share paid out to shareholders for FY2016, that equates to a lofty dividend yield of 5.7% at the current share price.

And with city analysts pencilling-in dividend payouts of 90p and 92p for the next two years, it looks like there could be further dividend growth in future from this utility giant.

Do you own this dividend winner?

Of course, there are many other excellent dividend opportunities, many of which are under the radar.

If you're looking to build a reliable income producing share portfolio, I'd highly recommend reading this report: A top income share from The Motley Fool.

The report identifies a stock that grew its dividend by a huge 45% last year, but it's unlikely you'll hear about this company in the mainstream financial media.

If you'd like to find out more, click here to access your free report.

Edward Sheldon owns shares in Aviva and Legal & General Group. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.