I'm level 33, looking at the retirement page I see this:
Retirement
Be a peasant again! You will get a few bonuses to make it worthwhile.
When retiring your character will reset to level 1. You will get 3 heirloom points you can spend on any item to improve it, more experience per tick and an optional name & gender change. It does not cost any gold and you will keep all your items.
New name: Leave empty to keep the current name.
New gender: Update your ingame profile to match the new gender.
New level:1
New xp:0
Kills/Deaths:Reset to 0
Title:Veteran
Hall of Fame:Yes
Heirloom:+3 points
Generation:+1 (13)
Xp per tick:+30 (1360)
Password: