Traditional IRA contributions can be tax deductible or partially tax deductible based on MAGI. In 2014, an individual with a MAGI of up to $70,000 is eligible for at least partial deductibility. There are no income limits on who can contribute to a traditional IRA.
When the water heater breaks / leaks whatever the pressure tank is going to loose pressure telling the pump to come on and the pump will run continually as it can not build pressure to shut it off.
It could be from a number of reasons. Normally, hot water pressure out is determined by the pressure of the cold water going in, of course. However, excess floating scale and debris from the inside of the water heater could have clogged the various hot water sides of faucets, washing machine mixing valve, etc. Usually, you can hear this debris bubbling when the heater is on.