The Australian share market typically offers income investors an average dividend yield of 4%.

While this is a great yield, you don't have to settle for that.

Not when there are high-yield ASX dividend shares out there offering retirees the opportunity to generate even greater yields.

For example, here are two buy-rated high-yield shares that analysts think could be good additions to a balanced income portfolio:

Healthco Healthcare and Wellness REIT (ASX: HCW)

The first high-yield ASX dividend share that could be a buy for retirees is the Healthco Healthcare and Wellness REIT.

It is a real estate investment trust focused on owning healthcare and wellness property assets.

The company notes that its objective is to provide exposure to a diversified portfolio underpinned by healthcare sector megatrends, targeting stable and growing distributions, long-term capital growth and positive environmental and social impact.

At the last count, the company had a $1.6 billion portfolio of assets and a large-scale development pipeline. The former includes hospitals, aged care, childcare, government, life sciences and research, and primary care and wellness properties.

Morgans is very positive on the company and believes it is well-placed to pay big dividends to shareholders in the near term.

It is forecasting dividends per share of 8.4 cents in FY 2025 and then 8.8 cents FY 2026. Based on the current Healthco Healthcare and Wellness REIT unit price of $1.11, this will mean dividend yields of 7.6% and 7.9%, respectively.

Morgans currently has an add rating and $1.51 price target on its shares.

IPH Ltd (ASX: IPH)

Another high-yield ASX dividend share that analysts think could be a buy is IPH.

It is an intellectual property (IP) services company with a network of member firms working throughout ten IP jurisdictions. Its businesses include leading IP firms AJ Park, Griffith Hack, Pizzeys, ROBIC, Smart & Biggar, and Spruson & Ferguson. It also owns the Applied Marks business, which is an online automated trade mark application platform.

IPH's shares recently touch on a 52-week low following a market update. Nevertheless, Goldman Sachs remains very positive and sees this as a buying opportunity. Its analysts believe IPH "is well-placed to deliver consistent and defensive earnings with modest overall organic growth."

This is expected to underpin further dividend increases to 36 cents per share in FY 2025 and then 39 cents per share in FY 2026. Based on the current IPH share price of $4.97 this represents fully franked dividend yields of 7.2% and 7.8%, respectively.

Goldman has a buy rating and $7.50 price target on its shares.