Explain "Retirement"

[SirTurPPu]

Could someone explain this "Retirement" thing to me as detailed as possible, i didnt quite understand it,
When i reach lvl 31, i press the Retirement button, what happens, do i lose my gear + money and the character, do i need to start all over again? 

*EDIT* Also, if i use the loom on my sword, how much does it need to Upkeep? its at 899 gold atm, its the Highland Claymore.

[Tears of Destiny]

You keep absolutely everything, will earn 30xp more then usual per tick per extra "gen" (times you retired) and be rewarded one extra loom point. You will, however, be level 1 again.

[Miwiw]

If you loom an item, the upkeep cost doesn't change. You will still pay the same amount of gold for it.

(the only change is for the EU5 max 20 server, as you are able to use equipment with up to 15k there, and looms are worth more)

[Riddaren]

If you retire you will lose all experience you have earned and you will have to start over from level 1 again.
But you will keep all your gold and items.

Apart from that you will:

- Get a heirloom point (worth 500.000 gold)
- Get 30 experience more per tick (so instead of 1000xp you get 1030xp)
- Get the chance to change your character name
- Get the chance to change your gender

[Dexxtaa]

These guys don't know what they're talking about.

Here's a pretty good definition as to what I think about retiring:

(click to show/hide)

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