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 water begins to leak from the bottom of a water heater, it is time to replace it. Leaking is a sign of corroding and wear within the tank. Most hot water heaters last for at least 10 years, and some will stay in good shape for up to 20 years. Replace a water heat as soon as leaking is noticed to avoid flooding and additional clean up.