Does retiring and losing work the same as death?

If you retire without your ambition complete, does it work the same as dying? You just go on to pick your next captain?

If so, is there any particular reason to retire instead of doing some suicidal move like battling the biggest sea monster you can find?

It’s not 100% the same. The main difference is if you always retire your captains and never die then you won’t unlock the labyrinth of tigers. That’s the only major difference I can think of off the top of my head though.

But if you’ve already died in the past, there’s no difference?

But in terms of what your next captain starts with, it makes no difference? You get to pick your legacy or legacies, you keep your inherited lodging and heirlooms, etc.? Same thing happens whether you die or resign in failure?