When looking to buy stocks that you will hold in retirement, you really should tread carefully and seek out companies that have stood the test of time. Industrial giant 3M (NYSE: MMM) is one of them. However, you shouldn’t just buy at any price, which is what makes 3M so attractive right now.
Here are four reasons why 3M is a retiree’s dream stock today.
In 1902, five men got together to start a corundum mine. They didn’t find what they were looking for, but instead of giving up, they used the anorthosite they found. Business wasn’t good, but they kept going with what they had. Three years later, they built their first factory and the floor collapsed, but it didn’t stop them. They kept going and introduced the company’s first proprietary product, Three-M-ite, in 1914.