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.
Hearing your water heater making such a loud knocking/banging noise. Especially in the winter time where the thought of being without hot water sends shivers down your spine. Worry not! The problem is most likely that your water heater has sediment built up at the bottom of its tank.