Yep that's basically it. I use a pneumatic cut off tool but you have to be super careful you don't cut into the axle and weaken it. Or let it skip across the seal area and ruin it. Even after you cut off the retainer ring the bearings can sometimes be stubborn to get off if they are original. The last one I did I had to cut the bearing off too cause it was original and frozen to the axle. The axle was fine after I got it off. Don't take much rust to make an already tight part really hard to get off.