Hello. I have read IRA distribution rules over and over and understand the many examples clearly, but none applies to MY situation.

I have had a Roth IRA since 1999, when I converted to it. Since then I have made the maximum after tax contributions allowable (into an aggressive stock fund), and my balance is now around $90K. I am considering withdrawing all of my contributions because I fear being wiped out by the economy, and I cannot sit back and watch that happen. I cannot move the money to a “safe” harbor because all the safe funds (such as money market) at Vanguard are closed to new investors. What would the penalty be if I pull my contributions, if there is one? Must I wait five years from the year of each contribution to withdraw penalty free (in other words, can I withdraw only my contributions through 2004) or am I free from withdrawal restrictions on my entire after tax contributions? Please clarify.

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