If it was like this.
Option A: Continue working as is ...
Option B: Accept lump sum, not taxed, $1,000,000.00 with condition I can NOT work again in your life.
I'd go with Option A. By the time I'm 50, I'll have earned more than the lump sum and also will have a very strong 401k ready for me when I hit 65. Even if it was 5 million, I probably wouldn't go with it. I don't think I could live without working. Can you imagine putting up with me 24/7? Me neither, work gives me a break from ... me.