The United States has been the world's biggest spender on defense for decades. Ongoing geopolitical tensions with Russia and China have encouraged further political support of national security investments; Congress recently approved the 2023 National Defense Authorization Act, a defense bill that puts spending at $858 billion for this upcoming year, an 8% increase over 2022.

That's a lot of money and an opportunity for investors to benefit from the government's colossal spending bill. If you're nearing retirement, consider these defense stocks. In addition to decades-long histories of working closely with the United States government and paying steadily growing dividends, both have large government programs that will create growth in the coming years.

Defense and aerospace company Lockheed Martin (NYSE: LMT) has a huge role in supplying advanced weapons and equipment to the U.S. military. Lockheed builds some of the military's most famous tools, like Black Hawk helicopters and F-35 fighter jets. The U.S. Pentagon estimates the F-35 program will cost more than $400 billion in aircraft and $1.3 trillion to operate and maintain the fleet.

Continue reading

Source Fool.com