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.
Usually, the hot water pressure is fairly equal to the cold water pressure going into the heater. Has someone partially closed the water heater cold water supply valve? If it's wide open, the valve may be clogged with mineral buildup or debris. You can turn OFF the main water supply and dismantle the valve to check it.