You can proactively initiate the renewal process before you get your expiration notification from DHS, which seem to be going out to your email address of record a few months prior to expiry.

You may reapply for Global Entry renewal as early as one year prior to your membership expiration date; your new GE expiration date will be five years from your next birthday.

The amount of time for approval of applications varies from as little as 1-2 days to as long as several months. The reason for this is unclear. Please be patient. If you renew before expiration, your GE benefits will continue until your renewal is approved/rejected, for up to 24 months after expiration.
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Important:

1) If you allow your Global Entry status to expire, even by one day, you will need to submit a new application.

Contrary data points: three people (two of whom are minors) had their GE expire in July/August/October 2021. Renewed in March/April 2022 with full approval (no interview required) within 48 hours.

2) If you cancel a scheduled interview, your application will be canceled. So, instead of canceling an appointment date for the interview, just reschedule it.
Your Global Entry expiration date will show when you register and sign in to the new Trusted Traveler Program website https://ttp.cbp.dhs.gov/ If you can renew, you will see a white on blue "RENEW" radio button.

Reapplication requires filling out an application form essentially de novo, including listing citizenship or residency documents, whether your driver's license is EDL conforming, aliases or "AKAs", new jobs or address changes since application, all countries visited the last five years (the form sorts them alphabetically, and does not request date or year of visit) and payment of $100 (for five years of GE renewal).

Please don't forget some credit cards will give you credit for PreCheck application or renewal, $85, or for Global Entry etc. renewal, $100, every five years (Barclay Aviator Silver, Capital One Venture, Venture X, Chase CSR and JPM Reserve, AMEX Marriott Bonvoy Brilliant, American Express Platinum, CNB Crystal, etc.) Interestingly, they may not cover NEXUS, which is $50 - and if you have NEXUS, your GE will be subsumed by NEXUS.

After one to a few weeks, you will likely receive an e-mail informing you action has been taken on your application; you will have to log in to your account to determine what that action has been.

Extension of current Global Entry:

If you submit a renewal application before expiration of your current membership, then you can continue to use your benefits until the renewal is finalized (up to 18 months after your expiration date).
Please note that according to the information the TTP website, the grace period has been extended to 24 months.

Decisions on your application:

1) You may be approved, with no further action on your part necessary; your GE will be extended five years from your next birthdate. For an example of an uncomplicated renewal without requiring an interview, see this post by mre5765.

2) You may receive conditional approval. To receive full approval you must complete the enrollment interview within 365 days of receiving the conditional approval. You still have a hoop or two to jump through.

3) You may have not been approved. See instructions on line to proceed; this information refers to reapplication, not how to appeal or reverse the denial.

If your renewal application takes inordinately long to process or you experience other difficulties, see Frequently Asked Questions or contact or email your questions or request for support through the CBP support portal.

You can check the status of your application from your TTP Website dashboard, which is displayed after you login. If you applied through GOES, you can find migration instructions here. Please DO NOT submit a new application as you will be liable for any additional fees incurred per the non-refundable terms and conditions you agree to prior to making payment.

If your application status is "Pending Review" then your application has been received and is being processed. Please note that processing times vary by applicant.

The vetting process cannot be expedited. If you submitted a renewal application before expiration of your current membership, then you can continue to use your benefits until the renewal is finalized (up to 6 months after your expiration date). [Please note that according to the TTP website, the grace period has been extended to 24 months.

[b]After the application has been reviewed, the status will be updated to either "Conditionally Approved" or "Denied" and a letter will be posted in your TTP account with additional information. This letter can be found under Notifications on the Dashboard.

If conditionally approved, you will receive a notification to schedule your interview. It is important that you complete your interview within 365 days of conditional approval. Failure to schedule an interview in that timeframe will cancel your application and you will need to pay again and reapply if you still wish to be a member.

Please note that some Enrollment Centers have a long wait for an interview. Availability is displayed through your TTP account before applying and upon conditional approval. If you have immediate travel plans, please have flexibility in the center that you can visit for the interview. To see where the centers are located see the links below [please go to this [URL="https://help.cbp.gov/app/answers/detail/a_id/1332/~/i-have-submitted-my-trusted-traveler-application-for-review.-did-cbp-receive-my"]CBP web page for the links.

You should prepare for your appointment as if you were newly applying, with passport, naturalization certificate or whatever you're using to establish qualification as well as documents establishing residency (state driver's license, senior identification, etc.) you will also have your fingerprints and photograph taken.

Be sure to mention anything you've forgotten to list in your application form, and to disclose any incidents such as being arrested (not just if you were found guilty) or Driving Under the Influence - alcohol or any substance - AKA "DUIs" (some posting in this thread report they were asked if they'd been charged with DUI);,these folks access various data bases, at least one of which includes data going back to the 1950s. Some members in this forum have posted they had trouble or were initially denied for not mentioning those incidents, even juvenile records that should have been expunged.

If your reapplication is approved, you will generally be notified quickly.

Your Global Entry Program Number / TT# and your PASSID will not change.

Longest wait for renewal (already renewed)
360 days - 5khours (August 2023 approval; no interview); applied 08/19/22, approved 8/14/23
334 days - (ms)jmd001 (Oct 2020 approval; no interview); specifically 11/20/2019 to 10/19/2020
313 days - (ms)arollins (Dec 2020 approval; no interview); applied 02/02/20, approved 12/11/20
313 days - RandomNobody Applied Mar 30 2022, approved Feb 6 2023, no interview.
311 days - Stanj (Nov. 2020 approval)
310 days - solosf (Nov. 2020 approval)
309 days - drewguy (Nov. 2020 approval)
305 days - BTA daughter (Nov. 2020 approval)
294 days - CaptainMiles (August 2020 approval, no interview)
292 days - topcat_dcx (July 2020 approval)
292 days - gig103 (Aug 2020 approval, no interview)
263 days - phillapkin (June 2020 approval)
256 days - DCDuo (Feb. 2020 approval)
224 days - Smartguy35 (8/23/19 to 4/3/20)
223 days - N104UA (8/22/19 to 4/1/20)
222 days - cheltzel (11/4/2019 applied, 6/12/2020 approval, no interview)
212 days - Matthew330Ci (8/1/2019 applied, 2/26/2020 approval, no interview)
211 days - aerokitty (Feb. 2020 approval, no interview)
207 days - Mrs. Flaneurs (Feb 2020, interview required)
197 days - mgalisa (Jan. 2020 approval)

Longest active waits for renewal
6/3/19 - Marcky
6/26/19 - Mearagirl
7/3/19 - mctaste