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.
One of the most common reasons for a water heater to leak is a loose drain valve. The drain valve will slowly leak water if it becomes loose. It is easy to stop a leaking drain valve by tightening it up with a wrench. Just be careful not to over tighten the drain valve.