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With pensions on the decline, most modern workers need to rely on their own savings to amass enough money for retirement. One of the most powerful tools available is a tax-advantaged retirement savings program designed to encourage employees to put money away for the future, known as a 401(k) plan.

Saving for retirement is not a thought that crosses the mind of recent college graduates very often, or even those in their 30s. The excitement of earning a livable wage and enjoying all the perks of life that come with financial independence tend to distract younger workers from maintaining a long-term vision of their financial health.

Correct financial planning can help you pursue a variety of monetary goals, in addition to your desire of living out a comfortable life during retirement. Unfortunately, because the average individual only views financial planning through the lens of retirement, they in turn miss out on other opportunities that will set them up for financial independence.

Risk tolerance is known as your specific ability to tolerate ups and downs within the market, and over time this should impact the variety you have within your investment portfolio. Every investor has different ranges of acceptable risk when entrusting their money to the stock markets.