Info should be correct now 10th May 2011
What is retiring?
Retiring is when you reset your character to level 1, and lose all xp that you gained so far on that char. You keep all gold, items and you keep anything you have in strategus too.
How do I retire?
Retirement:
To retire, your requirements are:
* Level 15 for Retirement without bonus (no xp bonus/ no heirloom)
* Level 31 for Retirement with bonus (xp bonus and heirloom)
Simply scroll down on your character page to the link that says "An Heir has been born..."
If you are level 31+ you will get an opportunity to pick an item to heirloom by clicking one of the buttons next to your items that appears. It will show you the new item stats in the list to the right.
There's no need any more to create a new level 1 character before you retire. You now keep the same character name when you retire.
Why would I retire?
When you first make a character it is "Generation 1" If you retire at level 31, your character gains a "Generation". When you gain xp in crpg, you also gain an extra (+3%xp) per extra generation (Generation 2+).
You also get to heirloom an item, increasing its stats. (For example, a favourite weapon or piece of armour).
This is the reason i retire, as I like to improve my equipment.
You may also have messed your character up, or may want to try a new class out but not have to grind any gold (grinding gold is easy right now so i wouldnt recommend this 1).
If you simply messed up the stats of your char you can retire at lvl 15+ but you do not gain a generation or heirloom.
XP Bonus In an easier to read form:
x1 Mutliplier
At x1:
Generation 1 - 1000 xp
Generation 2 - 1030 xp
Generation 3 - 1060 xp
etc.
x2 Mutliplier
Generation 1 : 2000 xp
Generation 2 : 2060 xp
Generation 3 : 2120 xp
etc etc
Is there a max to the amount of XP I can gain per minute?
XP Gain is capped at 1450 xp (on a x1 multiplier), reachable at Gen 16]
How many times can you retire? Also, what level can you or should you?
You can retire as many times as you like. Reasons might include; getting a desired number of heirlooms (need to reach lvl 31 every retirement), trying out different character builds (level 15+ retirement, no heirloom if less than lvl 31) etc etc
NOTE: Make sure you're reading your characters level and not his age: My char's Age is 42[27]. His Age is 42 but his Level is 27. You need to be Level 31 to be able to get the retirement benefits. Retiring at Level 15-30 is basically a char reset with the advantage of keeping all your gold and items, but no new retirement benefits.
Heirlooming/"LOOM" POINTS
At level 31, if you retire you can heirloom an item, basically making it better. You can look through the list of your items to see what benefits each item would get from heirlooming before you decide. You can click on different items if you change your mind but once you retire, that's it until you reach lvl 31 again.
Some players sell LOOM POINTS. Loom points are not a sellable or tradable item as such(like weapons/armour etc), but give another player the benefit of your retirement. Sellers will post in the marketplace board saying "Selling loom point" and interested parties will post or pm them. The way it works is the buyer will give you an item to heirloom or "loom", and the seller will heirloom that item for them, then give it back, usually for gold.
WARNING: Players have been scammed over this and there are some safer methods of trading (like making sure if you give someone a +1 item, you get something of equal value back.
Link to Banok's Heirloom Overview (for info on what heirlooming does for items)
http://forum.c-rpg.net/index.php/topic,497.0.html
Link to Lamix's Itemized Heirloom Thread
http://forum.c-rpg.net/index.php/topic,965.0.html
Thanks for all the questions/answers. Keep 'em coming.