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.
A typical hot water heater connects to two pipes -- a cold water supply line and a hot water line. The pipes often have elbow joints so they can bend toward the water heater. Either of these water lines can leak, particularly at the joints. If water sprays from a fitting or pipe, the problem is clear.