If possible, a picture and an idea of what size you're looking for would really help.

1) Cut now?

I would cut it now, and I would also put it outside if you're not going below 40's.

2)How to cut?

If the tree is as thick as it should be at that height, it will not be easy to cut, and you may need an actual saw.

Just wondering, what color is this plant?

I would recommend putting outside, pruning, and repotting right now as well.

I just repotted it today. Technically it needs a bigger pot because the root ball is so big but the bigger the pot the harder to bring it indoors for winter. So looking to cut it soon.

I would cut it where I placed the black lines if you want maximum compact with still having good branches. At the red ones if you want a fuller 'head' on the tree. You can then root the two cuttings, and have two more trees.

I agree with the above. Cut approximately where he has indicated with the red marks, and perhaps also cut at the black marks because that tree is getting more spindly than I like to see. It looks like the growth habit is more like two years between flushes. Nobody wants two years between blooms. I could be wrong though?

edit: to clarify; I do think cutting at the red marks would be ideal for saving the upper cuttings. The potted plant that is left should absolutely be repotted and even staked perhaps? It doesn't look as strong as it could be and should be in a few more years. El Bee

It's only bloomed once for me.... Maybe 5 years ago or so. I have had three babies in the last five years do plumeria wasn't taken care of as well as I used to. I am now trying to do better.

I will cut at the lines as mentioned above. Many thanks. Any other recommendations are appreciated.

Ill be more thatn happy to take the cuttings off your hands =)

Haha. Thanks but I have plans for them!