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.
ELECTRICAL CONNECTIONS To be certain that all of the air is out of the water heater, open the HOT water faucet on your fixtures until constant water flows from them. If air remains in the tank, the element will be damaged when the electric cord is plugged in. Connect the water heater to a GROUNDED OUTLET.