When you are tired of your character, you retire. The higher your net worth, the better "title" you get in heaven. If you score really high, you might get a place at the round table.
So transfering all your stuff to a new character then retiring is a bad idea.
Once you get to heaven, you are stuck watching people from the clouds. There isn't much else to do, except challenge other people (who are also dead) to duels, and occasionally throw a metoer down at the planet.