Taking your money out of your 401(k) retirement plan in a lump sum gives you immediate access to your money. You gain full control over your savings and can allocate it as needed without restriction.
For example, you could buy alternative assets such as real estate or rental properties, or even put it into mutual funds or brokerage accounts that could potentially offer better returns or provide greater diversity in your investments.
You would also simplify the estate planning process by bypassing any specific beneficiaries or rules a 401(k) plan might require.
There are better ways to withdraw funds that don't penalize you and open you up to other problems.
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