Personal exemptions reduce your taxable income. You can also claim an exemption for a dependent if all five of the exemption tests are met.
Real estate is, in our opinion, a very illiquid investment, and not ideal for those close to retirement. Additionally, to hold it in your IRA you have to be able to purchase it outright. You cannot mortgage the property.
Who is “FICA” and why does he get so much of my paycheck? Because it funded a program designed to address the problem of economic security for the aged through a contributory system in which the workers themselves contributed to their own future retirement benefit.