3 stocks with dividend yields above 5.5%! I think they could help you get rich and retire early

We all fantasise about being able to retire early. But it doesn’t have to be a pipe dream. I think these dividend stocks that could help you do it.

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Right now the focus for many stock investors is not to get rich and retire early. The novelty of buying shares without watching them immediately plummet in value is good enough.

Global markets have been steadily chugging higher in recent weeks but investor tension remains high. The FTSE 100’s recovery has been gradual but lumpy and sharp swings lower remain common. The blue chip index is down almost 3% in Wednesday trading, and dealing at its lowest since 15 June.

It can be difficult to keep your eye on the bigger prize at times like this. News flow surrounding Covid-19 continues to shake the nerves and is likely to continue doing so for some time. But it’s important to remember that most successful share investing strategies involve buying and holding shares for many years (usually a decade or more). With the right approach it’s still possible, coronavirus or no coronavirus, to buy shares that could help you make great returns and retire early.

Home comforts

Inland Homes is a share I’m confident could help you do just that. And what’s more, recent price volatility gives plenty for income seekers to sink their teeth into. Current prices around 50p per share create a monster forward dividend yield of 7%.

It’s obvious by now that the housing market could struggle in the near term. A recent Reuters poll estimated that home values will sink 5% over the next year. But this is likely to be a temporary hiccup for Inland Homes and its peers. Britain’s housing shortage is severe and demand for the company’s homebuilds will launch higher again once economic conditions start to improve.

Retire early with gold

I’d also pay close attention to Highland Gold Mining today. This is not just because bullion prices surged to eight-year peaks of $1,770 per ounce on Wednesday. It’s also due to the mining giant’s vast dividend yield of 5.5% at recent prices of 235p.

I don’t just think Highland could help you retire rich because of the bright outlook for gold prices over the short-to-medium term. I’m also encouraged by the steps the company’s making to turbocharge production rates. Gold output soared 12% year in year in 2019, and it can look forward to its flagship Kekura mine delivering huge commercial payloads from 2023.

The gateway to big dividends

Gateley Holdings is another share that could eventually help you get rich and retire early. Why? Well demand for its legal services continues to explode in its UK and Middle Eastern markets. And the business – which specialises in the field of commercial law – continues expanding rapidly to capitalise in this strong underlying demand. Just in March it shelled out another £6.75m to buy Vinden Partnership, which provides consultancy and dispute resolution services.

Gateley Holdings is a particularly great buy at current prices of 125p per share, too. It creates a huge dividend yield of 6.5% for this year.

Should you invest, the value of your investment may rise or fall and your capital is at risk. Before investing, your individual circumstances should be assessed. Consider taking independent financial advice.

Royston Wild has no position in any of the shares mentioned. The Motley Fool UK has recommended Inland Homes. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

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