I got a letter this week from my former employer that I had my 401K with them and have 60 days to do something with it. I was told I will lose the funds that my employer contributed, but I will get everything I put in with the exception of 20% to withhold for tax purposes. Since I only contributed for 6 months, I will only get about $515.00 back (I know, sad). So here's the dilemma: do I cash it out and pay off a credit card and a small loan OR put it in an emergency fund OR do I take it and start a Roth IRA?
What would y'all do?