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.
Most water heaters are supplied by voltages that can cause shock, burns and even death should an energized conductor come in contact with the body. Shut off power in the electrical panel by removing fuses or by moving the handle of a switch or circuit breaker dedicated to the water heater to the Off position.