Lump Sum

[titanic]

I am retiring soon. 

I have both a 401K and a pension plan. 

What will the consequences be if I elect to take a lump sum from both?

[Critter]

Depends...if the distributions + all your other income is high you will pay a lot in taxes. Best to do some calculating before you anything you may regret. 

[xmasbaby0]

You have not said how old you will be when you take out the money.  Will you be older than 59 1/2 when you take money out of the 401k?  If not, expect a 10% early withdrawal penalty in addition to ordinary income tax in your tax bracket.