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Image source: Getty Images<\/p>\n
Building the right retirement portfolio partly depends on what your goals are.<\/p>\n
Some investors want to keep accumulating capital. Others, eyeing the cost of living once they stop working, prioritise income<\/a>.<\/p>\n Here are a handful of UK dividend shares I think income-focussed investors should consider for their portfolio.<\/p>\n Financial services giants<\/p>\n One place to look for high yields at the moment is in the financial services sector.<\/p>\n Take M&G (LSE: MNG<\/a>) as an example. <\/p>\n The FTSE 100 asset manager has a dividend yield of 7.7% right now. The forward-looking yield is even higher, if M&G delivers on its aim to grow the dividend per share annually.<\/p>\n It has achieved that over the past few years. Its customer base is in the millions and M&G has proven itself capable of generating sizeable free cash flows that can help underpin its dividend.<\/p>\n One risk I see is investors pulling more funds out than they put in to M&G\u2019s funds, reducing fee income. That has been a challenge in recent years and although the first half saw a positive trend, rocky financial markets mean such net outflows remain a risk.<\/p>\n Another FTSE 100 financial service giant with a high yield<\/a> is Standard Life owner Phoenix Group (LSE: PHNX<\/a>).<\/p>\n Its yield is even higher than M&G\u2019s, at 8.3%. Like M&G, Phoenix has what is known as a progressive dividend policy, meaning it aims to grow its payout per share each year.<\/p>\n The firm\u2019s focus on long-term savings and retirement products has given it specialist expertise. It also benefits from a massive customer base, of around 12m people. <\/p>\n One risk I see is that turbulent financial markets could potentially lead Phoenix to write down some asset values, hurting earnings.<\/p>\n FTSE 250 dividend shares<\/p>\n The FTE 100 index is not the only place to hunt for income shares for a retirement portfolio, of course. <\/p>\n I also think some in the FTSE 250 index merit consideration.<\/p>\n Broadcaster ITV saw its share price shoot up recently after speculation about interest in its broadcast business from a potential buyer.<\/p>\n The share price, though, is still 15% down over the past five years. That reflects ongoing challenges in the broadcast business, as digital rivals increasingly fragment the advertising market.<\/p>\n Still, ITV\u2019s dividend yield of 6.5% looks tasty to me. The possible sale talk has highlighted the potential value in its profitable, well-established broadcasting business. <\/p>\n On top of that, the studios and production arm of ITV has unique assets that help it earn money.<\/p>\n While studios can be a money spinner, it is spins of a different type that have injected life into ME Group in recent years. <\/p>\n The old Photo-Me still has its picture booth business but has seen business boom partly thanks to its laundry machines.<\/p>\n One risk is that rivals try to muscle in to this economically attractive business space, pushing up rents for prime locations. Me Group shares yield 5.5%.<\/p>\n Long-term dividend raiser<\/p>\n The fifth share on my list is another FTSE 100 giant \u2013 British American Tobacco (LSE: BATS<\/a>).<\/p>\n