The 30-day window mainly opens up the survivor annuity election, though other benefits work on separate timelines. Survivor annuity can be cancelled or reduced within 30 days of the first annuity payment, though increasing survivor annuity coverage requires spousal consent. FEGLI changes follow their own timeline, separate from the 30-day window, and TSP decisions also run on their own separate timeline.
Video Transcript
Read the full transcript202 words
When federal employees enter the 30-day window, a lot of them aren't sure what's actually on the table. Knowing what you can change and when is what makes the window useful.
The primary election you can revisit is your survivor annuity. You can cancel or reduce it within 30 days of your first regular annuity payment. Increase requires spousal consent.
FEGLI works on a different timeline and isn't tied to the 30-day window. Some changes can be made at any time. For example, you can exchange basic coverage to a higher reduction level whenever you want. Option B and Option C reductions can be changed back and forth before age 65. At 65, OPM sends you a letter with a specific election opportunity to set your Option B and Option C reduction choices going forward. After 65, some changes are no longer available.
The rules vary depending on which option you're looking at and your age. So, it's worth understanding your specific situation before assuming anything is locked in or still open. Other decisions like your TSP work on their own timeline as well.
Understanding exactly which elections are still open and which are locked is worth a conversation with an advisor before that window closes.
Ready to review your plan?
These videos cover the general rules. Your numbers are specific to you and need guidance tailored to your situation and goals. Schedule a call with an advisor and walk through your plan.
Schedule Your CallThe content in this library is provided for educational and informational purposes only and does not constitute investment, tax or legal advice, or a recommendation to buy, sell or hold any security or to pursue any particular strategy. It does not take into account your individual objectives, financial situation or needs. Investing involves risk, including the possible loss of principal. Rules governing federal benefits, the Thrift Savings Plan, Social Security and taxation are subject to change, and information presented may not reflect the most current guidance. Consult a qualified professional regarding your own circumstances before acting on any information presented here.