(NYSE: VZ) has developed a reputation for being an exceptional dividend stock. The telecom giant has one of the highest dividend yields in the S 500. At around 6.5%, it's several times higher than the S 500's roughly 1.4% dividend yield.

Investing in Verizon can be a great way to collect dividend income, thanks to its high yield. Here's how much you'd need to invest in the telecom stock to receive $1,000 in dividend income each year.

Verizon pays investors $0.665 per share in dividends each quarter ($2.66 annually). At that rate, you'd need to own 376 shares of Verizon to collect $1,000 of dividend income annually. With shares recently trading at around $41 apiece, you'd need to invest a little over $15,400 into Verizon's stock.

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Source Fool.com