According to Osho, when the body drops only the heap of memories, desires, and karmic tendencies travels on as a subtle energy-pattern—the 'mind' or ghost. The witnessing consciousness itself is deathless and, if realized, dissolves into the whole with no rebirth. Otherwise, those lingering impressions seek another womb or may drift as a disembodied presence until exhaustion.
Your body dies, but your habits and memories keep moving until they find a new body—unless you awaken as pure awareness, then the journey ends.