You can rebirth once you have reached age 20. You will keep your skills, equipment, money, but go back to level 1, and be allowed to select your Age and Race. Various strategies exists in regards to the best moment for Rebirthing
This used to allow you to manually select a file to save your game. This feature has been abused a lot, and has been replaced by the Remote Load. Although you will still see a "Game Saved!" display, the button now does nothing.