Where in the world?

Shan. You are spoilt for choice, truly. Having said that, $50K is not much of a nest-egg - and I would say it's hardly worth waiting nine years for. Why not go earlier, while you're in your 30s?

If you're psychologically prepared to live and travel rough, you might consider going to Central America and travel as cheap as you can. You will never make a fortune in any place where the cost of living is low, but it's fairly common for travellers to find jobs in cheapo hotels in places that attract hippies and other budget travellers. Lake Atitlan in Guatemala might not be a bad place to start. Find out all you can about the countries of Latin America, and you will find a place you can begin. Be as flexible as you can be!

My son was a hippie in the area some years ago. For a while he and his little family lived in a tree-house on Atitlan***, when he wasn't managing a hippie hostel there - and working odd jobs in Banos, Ecuador. It can be done. Let's have your further thoughts.
*** I mentioned it briefly in my blog in August 2013, "Not the Swiss Family Robinson".

Thanks for your input. The reason we have to wait, is we have to wait for my children to start to head off to university, or come with us, once they are old enough. The legalities of attempting to change custody would eat up all the funds we have and then some.

Oh, OK. The children make a difference. All you can do, now, is be patient - right? Do you have any kind of pension fund, for your old age? Also: have you done much travelling outside Canada, so far?

I will have a very, very small pension, my husband none. We've not traveled much, as finances have never allowed. Our future "nest egg" is also dependant on us selling our home.

You need to put a little money away each year and head off to the places that sound interesting as cheaply as possible.
Look for budget airline fares well ahead of your travel date and stay in guest houses and backpacker hostels.
This will give you some insight and experience when it comes to the big decision.

Don't overlook South East Asia, I'm retired and live on about AUD$1000 a month but I own my own house and car.