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.
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.