With $1mm, I'd pay off my cars and house (after finishing basement), -$400k, then buy ~3 rentals @200k ea, with left over. I'd take my freed up mortgage and rental income, ~$6k-$7k/mo, and invest over about 10 years, to dollar cost average, then retire. Kids would still be in middle school, and for the most part we'd live the same during those first 10 years, maybe with a few more vacations.
At retiring point, I'd reduce investing by about $4k or so for spending (wife could retire early and have $2k-$3k/mo from pension, or continue working) and continue to invest $2k-$3k/mo for another 10 years, and I'd have a $3mm+ nest egg. During these 10 years, much more traveling and spending. Basically $6k-$7k a month with no mortgage/debt.
After putting kids through college, I'd sell house and downsize, which would net another ~$500k at that time, basically reimbursing me for their college.
Retire at 47 still with relatively young kids, and at 57 have $4mm with kids out of house and through college, and likely getting lots of money upon my death.
I guess that puts it on the conservative side, but why risk a great life for a bit more money that I may never spend anyway?