No two investors are ever exactly alike. However, there are some sweeping generalizations that are reasonably safe to make about investors as a whole. One of the obvious ones is that people with plenty of working years ahead of them should largely invest for growth, while retired investors should focus on generating reliable income from their savings.

With that as the backdrop, here's a closer look at three dividend-focused exchange-traded funds (ETFs) people in or near retirement should consider owning. While any single one of them would fit in most retirement portfolios, all three of them together would make a very well-rounded income-producing engine.

Vanguard Dividend Appreciation ETF

It's easy to become so enamored by high dividend yields that you forget about dividend growth and capital appreciation. However, it's just as easy to fall into the opposite trap. That is, your hunt for reliable dividend growth can easily distract you from recognizing that a yield is oddly low compared to alternatives or that there's little hope for meaningful capital appreciation.

The Vanguard Dividend Appreciation ETF (VIG -0.13%) offers a palatable balance of all of these dynamics.

Just as the name suggests, the Vanguard Dividend Appreciation fund's primary goal is delivering sustained dividend-payment growth over time. And it's done exactly that. Last year's total per-share payout of $3.21 is more than twice its 2013 payout of $1.39. Credit Standard & Poor's requirements for inclusion in the underlying S&P U.S. Dividend Growers index. S&P only considers companies (of all market caps) that have raised their annual dividend payments for at least 10 years in a row and then throws out the highest-yielding 25% of these names on the assumption that these high yields hint at potential challenges to their continued dividend payment growth.

Veteran investors will likely know that inclusion in the list of so-called Dividend Aristocrats®* is slightly tougher. These names must have produced no less than 25 consecutive years of annual dividend growth and are also limited to S&P 500 stocks. Given this pickier requirement, why wouldn't a retiree opt for the similar ProShares S&P 500 Dividend Aristocrats ETF (NOBL -0.14%) instead -- especially given its higher yield of 2.3% versus the Vanguard ETF's current yield of only 1.8%?

There's certainly nothing wrong with the alternative. But there's one overarching reason VIG might make more sense for certain retirees. That is, with holdings like Microsoft, Visa, and Broadcom in its pool, the Vanguard Dividend Appreciation ETF offers more total upside without any less net dividend growth potential. It's just a little more volatile in the interim.

* Dividend Aristocrats® is a registered trademark of Standard & Poor's Financial Services LLC.

Schwab US Dividend Equity ETF

That being said, retirees certainly don't want to put themselves in the position of not collecting enough income to pay all of their bills right now. The Schwab US Dividend Equity ETF (SCHD 0.63%) is a smart companion to a position in the Vanguard Dividend Appreciation fund, while its trailing dividend yield stands at 3.4%.

This Schwab ETF is meant to mirror the Dow Jones U.S. Dividend 100 index -- a basket of the United States' 100 highest-yielding stocks, not including REITs (real estate investment trusts). Like the S&P U.S. Dividend Growers index that the Vanguard Dividend Appreciation ETF is based upon, inclusion in the Dow Jones U.S. Dividend 100 Index requires at least 10 years' worth of uninterrupted annual dividend increases. Unlike the S&P U.S. Dividend Growers Index, however, all such tickers are eligible to become part of this index regardless of their yield. There's a specific preference for higher dividend yields, in fact.

While the descriptions of the two ETFs are seemingly similar, there's actually quite a bit of contrast here. The Schwab fund's top holdings right now include names like Home Depot, Amgen, Coca-Cola, and Chevron.

You won't likely see quite as much dividend growth from the Schwab US Dividend Equity ETF as you would with the aforementioned Vanguard Dividend Appreciation, and you probably won't experience as much price appreciation either. You are starting out with an above-average yield, though, and you're likely to see less volatility. That counts for at least a little something.

VanEck BDC Income ETF

Last but not least, income-minded retirees may want to consider adding the VanEck BDC Income ETF (BIZD -0.17%) to their retirement portfolios.

It's distinctly different than the Schwab fund or the Vanguard fund, both of which solely hold stocks. The VanEck BDC Income ETF only owns shares in business development companies (or BDCs), offering investors simple exposure to an income-oriented sliver of the market that remains largely obscured.

Business development companies are precisely what they sound like they are: They develop businesses. More specifically, they provide funding for up-and-coming companies that may not want to tap public markets but may also not qualify for a conventional bank loan. This cash can be offered in exchange for equity in the borrower's organization. More often than not, though, it's made available in the form of a high-interest-rate loan, reflecting the above-average risk these loans pose to the lender. That's why the VanEck fund's trailing yield is a frothy 10.1% -- that's the sort of yield this ETF's holdings are currently sporting.

There are trade-offs in owning this high-yield investment. One of them is the limited likelihood of meaningful capital appreciation. While there's some, this fund's business development company loans should be viewed as bonds, which are just interest-bearing instruments that return your initial capital once the original terms of the loan are repaid. Another trade-off is the surprising amount of volatility this ETF can dish out, given the underlying nature of the business.

The VanEck BDC Income ETF's one key attribute makes it all worthwhile for most retirees, though. That's a big (and surprisingly reliable) dividend supporting a yield that's consistently higher than the prevailing interest rates at any given time. If nothing else, you're sure to stay ahead of inflation with this fund.

Just bear in mind that you'll want to own at least a couple of other less volatile dividend ETFs before stepping into this one.