If contractors and other professionals are looking forward to an idyllic retirement abroad, they should starting planning now, says one expert.

Rhiannon Davies, director of property investment and overseas living website Shelter Offshore said: "anyone who has about 12-18 months left before they retire can begin getting everything in place, such as their country decision, any visas they may need [and] medical insurance quotes."

She adds that the most important thing to get right is finances and so plenty of consideration must be fiven to affording the move including living, healthcare and property costs.

Research from M&S Money revealed that most over 50s are choosing to stay close to home when they retire, although 12 per cent would consider buying a second home abroad and ten per cent would like to make a permanent move. 

Sixty one per cent, on the other hand, have absolutely no desire to move overseas and feel more comfortable holidaying near home or in an English-speaking country.