This is the 11227th most frequent Russian word.
далекое
"Dалёкое" means "distant" or "faraway."
The word 'далёком' here is used as an adjective in the prepositional case to describe the forest (лесу), indicating its physical remoteness.
В далёком лесу живёт старый волшебник.
In a distant forest lives an old wizard.
'Далёких' is the plural form in the prepositional case, modifying 'странах' and showing the concept of faraway destinations.
Она мечтает о далёких странах.
She dreams about distant countries.
'Далёкое' functions as an adjective in the nominative case, describing 'будущее' (future), referring to a distant time abstractly.