That's not something which would be considered a "common tradition", however I'm sure the wife would not say no to a retirement gift.
However, you do need to be careful when picking a gift for a women (although you've probably realised this by now) - my father once brought my mother a spade as part of a birthday present of "gardening things". He claimed it was "gifts on a theme", whereas she just saw it as a "spade". It didn't go down too well.... Needless to say, even if the gift does reflect a hobby which she has, you still need to be careful to consider the possible interpretations. (If it doubt, stay away from anything remotely useful).
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