Man, usually people in the beginning don't know what class they want to stay and don't find retiring good option as they think cons>pros of this action. After that (if they retire) they notice that new weapon is better or after next loom will be better and they also become better players anyway and they want to finish the loomed item and make it +3. By that time if they play melee, they decide that armour loomed would be a good thing. Next they decide to get hand armour loomed for good stats and they can stay with those 3 +3 items and stop retiring.
No.
When they reach lvl 31 they retire anyway because of reasons like "Hmmm what build to go? Maybe I'll try this one before I go high level" or "I will max out gen bonus before I decide to go h. level" or they just change class or want to get more looms either for main or alt. After they get something for an alt, it depends on players but some want to get more looms for main for all eq +3 or looms for other alt. Obviously the variety of players is really big so some go high level their 1st gen, some with 10th, some after they get all gear lordly and some never go high level cuz yolo or respec button (Wiltzu_the_Respecmaster).
What is important, is that after you collect whatever you wanted to collect and grind the amount of time you wanted to grind, you just want to enjoy the game. Some players keep playing or respec or retire or are very ambitious and want to shine and become great but some just stop playing because they don't find the game enjoyable enough anymore. A lot of people come back after some time if they quit.
So I think that whether you decide to retire or not, PRIMO ENJOY THE GAME, gen bonus is very nice thing and after you reach serious generation it makes leveling up take way less time. Looms are important and as far as I know you are horseman so if I were you I would loom myself a good horsie and think about looming a lance.
TIP: If you decide to retire it may be worthy to collect 2nd loom point and then buy +3 item for 2lps and gold.
I made it to gen 32 and I lack 7mln exp to lvl 34 but I stopped enjoying the game and I lack free time lately.