Hello.
Respec does "only" take away half your exp. Do not worry about items, you won't ever lose them by respec or retirement.
However a pro tip is, NEVER start to respec. It is hell, once started you won't be able to stop. In my current gen I respecced 6 times already, leaving me in this gen for about a month already (I could have been 31 already if I didn't).
If it is your first gen and you really did a mistake, I would do that of course. But later on, if you decide to retire, better dont do that. Will only waste your time.
![Smile :)](https://forum.c-rpg.net/Smileys/default/icon_smile.gif)
Oh and don't worry about skill. Fun is what is important anyway!
edit: ye, regarding level 31. Being level 21 is around 750k experience. Finishing level 30 is 8,7kk experience, that is a bit more.