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.
When the heating element is the cause of the leak from your water heater, you need to replace it. The final item to check if you notice there is leak from your water heater is the tank itself. Examine the outside and the inside of the tank for small holes or signs of rust.