Being a military service member or veteran comes with a unique set of challenges.

From time away from home and family to dealing with health care and benefits after service, it can be challenging for veterans. The good news is that there are programs available to veterans that can help with saving, investing and building wealth over time.

The following programs are positioned to give a vet some financial guidance:

Blended Retirement System (for active duty and reservists): In January 2018, the traditional military pension system was converted to the Blended Retirement System. The BRS combines elements of the legacy retirement system with benefits similar to those offered in many civilian 401(k) plans.

The program was designed to help the Department of Defense save money by reducing the costs of the existing pension system. Under the old system, a service member would have to stay in for a full 20 years to qualify for the military pension.

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Fewer than 20% of service members who enlist actually choose to make the military their career and retire out. The rest would separate from service with no retirement benefits. The BRS changes that.

Here are some pros:

Provides a benefit to service members even if they choose not to spend 20 years in the military.

Includes a government match of 1% on the Thrift Savings Plan, and vesting happens after just two years.

Receive a "continuation pay" bonus after 12 years of service that is paid to you as cash.

The pension option is still there for you if you serve for 20 years. There is also a "lump sum" payout that is available to you at retirement.

Here are some cons: