How to Upgrade/Migrate a system running on RHEL4 to RHEL7

I have a system that is currently running on a 10 year old computer with RHEL4 I need to do a "tech Refresh" and update the Hardware- what is my best option?. All my IT friends state that I have to also update to RHEL7. What would be the easiest and safest (risk averse) way to migrate my system from RHEL4 to RHEL7