SIMPLE IRA to 401(k) Conversion Can Be Done Anytime

Business professionals reviewing documents together during a collaborative office meeting.

Many business owners hoping to provide a retirement savings benefit for their employees begin that journey by offering a SIMPLE IRA, because they are easy to set up and maintain. But as time passes, companies often outgrow their SIMPLE IRA and seek to replace it with something more robust, such as a 401(k) plan.