To achive this, they need to turn their assets to income producing asset. They are very house rich and cash poor. They need to reallocate their investments.
$1.6M in 401(k) is not being touched and can't be withdrawn until 59.5 or 55 if they follow IRS 55 withdrawal rule.
$1.4M rental property only produces $30K return which is only meager 2%, that is terrible investment in terms of income producing. It might not be a bad investment from house appreciation point of view. Based on 4% rule, $1.4M can easily produce $56K annually if it is allocated 50% in stock market and 50% in bond market.
$2M in primary residence and stocks. If I assume that the stock portion is $1M, then it can produce $40K. We don't count $1M primary residence since it is not income producing asset.
$56K + $40K = $96K which is 80% of current income. Good luck.