The right descision or wrong? AKo question

[-Spike-]

Ok...This is a hand I got in a recent event. 620 entrants, 64 remain, I'm one of the lowest 4 stacks left. 63 posisions pay.

8 people at the table of 9 seats. I'm deal AKo in a late pos.

Early pos player who has a large stack has been raising every hand because he knows that the 3 low stacks at the table will NOT play with him on the chance that they get busted 64th and make ZERO $.

Now, I have a problem here...I know AKo is a good hand in this position, yet if just one more person busts, I'm in the money and can breath easier.

So...after a bit of thought...I folded my AKo. another person on a diff table busts, I end up in the money. I bust out 47th overall.

The question is this: Is that the right thing to do under those circumstances?

My thought was this: If I double up, great...I have about 5-6000 in chips with the blinds at 600-1200 or so and antes of 100ish. I wouldn't be able to last too long as it is..

If I fold and hold onto my last 2000ish in chips, and make the money, that's a good thing. This is what I did.

At the time, I didn't think I had a chance to last much longer anyway (unless I got some monster hands back to back to back (i.e. 3 double/triple ups), and I was not going to make the final table. Not when the chip leader has like 80k in chips.