Investing in dividend-paying stocks has proven rewarding to shareholders. However, being successful involves more than picking stocks with the highest dividend yields because the dividends may not be sustainable. Therefore, it's crucial to choose companies that can continue paying.

The three companies below have higher yields than the S&P 500's 1.3%, along with the ability to not only maintain their payouts, but also continue raising them. Each has increased dividends annually for more than 50 years, making them Dividend Kings. Hence, it's clearly important to them to reward shareholders with dividends.

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1. Coca-Cola

Coca-Cola (NYSE: KO) is known around the globe for its soda products. These popular brands include Coca-Cola and Sprite, but the company also sells other products like water and juice.

While Coca-Cola has become a household word, you might not know about the company's long history as a dividend payer. It has raised dividend payments annually for 62 straight years.

That impressive feat includes challenging periods like recessions, stagflation, and inflation. The streak includes a 5.4% increase earlier this year, to $0.485 a quarter. The board of directors typically raises the first calendar quarter's dividends, so another increase seems likely to come shortly.

The company has a 78% payout ratio, indicating there's a cushion at the current dividend level to at least maintain payments. This shows that the company's paying out less than 100% of its profits, a positive sign regarding its ability to sustain payments.

Coca-Cola's stock has a 3.1% dividend yield, about 1.8 percentage points higher than the S&P 500's yield.

2. Procter & Gamble

Procter & Gamble (NYSE: PG) produces products like shampoo, deodorant, razors, toothpaste, and diapers. It sells them under well-known brands including Head & Shoulders, Gillette, Crest, Tide, and Pampers. These command a high market share.

Furthermore, these are consumer staples, so people use these products no matter what's happening with their personal finances. Producing well-regarded products with stable demand has allowed Procter & Gamble to pay dividends for 134 years, raising them for the last 68. Last May, it increased the quarterly payment by 7%.

Procter & Gamble's stable of products generates plenty of free cash flow (FCF) that supports its dividend. It produced FCF of $16.5 billion in the latest fiscal year, which ended on June 30. That was plenty to pay the $9.3 billion in dividends.