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.
Gas Water Heater, water not hot enough-Thermostat or Sediment. The dip tube probably disintigrated. The dip tub sends cold water to the bottom of the tank for heating when its heated it rises to the top of the tank. Its possible that the dip tube broke of and now you have cold water mixing with the hot water on top.