I'm 35 now and have worked for about 13 years. Plan to work another 7-8 years. Plan to live till 80-90 if I'm lucky...hahaha.
I've been saving approx. 130-150k per year since I started working and have been fortunate enough to have an excellent management postion with a great company. I've never held back on enjoying material things but they don't give me the same buzz anymore. I've been there and done that wrt material wealth and joys. I live a simpler life now and am happier.
In another 7-8 years I should have a few million (3 mil) and want to retire to a low cost destination for 10 months of the year and visit family and friends in the US for about 2 months a year. In my retirement phase I would like to travel, pursue charity work and spend time with my wife and 2 kids.
With about 3 million earning about 7% spread out over several currencies and funds to diversify risk to the market and inflation, I would earn about 200k usd per year. I plan to only use about 65-70k per year and re-invest the remainder (just for security reasons and as a buffer to unexpected circumstances) Thus the nest egg continues to grow (hopefully beating the then real inflation rates, not the posted ones)
The largest cost would be international school for two kids in a low cost destination and the college in the US.
When the kids are college age (15 years from now) they would return back the the US for school (unless better options exist at that moment in time). This would also cost a bundle of cash. At that age, I would be about 58-60 and if the need arises I would not mind returning to work in part-time fashion 2 days a week for 4-5 years until the kids are done college. This would help me earn an addition maybe 70-80k / year.
Info: I'm a male who eats health, exercises lightly (no heavy weights), no smoking, no drugs and drinks 2-3 glasses of red wine per week.
Do any forum members see any serious flaws with my vague plan? (I have a more detailed plan that is beyond the scope of a thread post)
Any feedback is greatly appreciated.
Thank you and have a nice day.