Shortening a very long sweater

Several years ago I made a very long pullover sweater (12 inches below waist) that looked great then but now seems ridiculous. The yarn was expensive and I’d like to keep wearing the sweater. Is there any safe and neat way to cut off the extra length and then re-finish the bottom? The solution could also be applied to overly long sleeves. BTW, the sweater was knit from the bottom up.

I think you best bet is to put in a life line–a strand of yarn through a destination row and then picking out your cast on–at this point you could just cut it off. Then unravel up to the life line and pick up your live stitches and do what you will with them.