It seems that you can retrain a feat whenever for a cost of money and time. However, retraining raises another question for me. A "spirit of the rules" question if you will.
Character A gets Dodge at level 7 and at level 8 pays the cost to change it to Manyshot at level 8 when his BAB is +6.
Character B says I don't want to pay the cost in time and money, so I will just wait to take the 7th level feat at 8th level for free.