Storage is good, RAM might be ok, but im not sure what the brand is. Might be generic prebuilt stuff but its still 8gb, so that saves a good $80
If you're looking to play new games at max or near max for the next few years, its going to cost you a bit.
You will need to ditch the CPU and motherboard
I suggest also getting a new case, because im sure the one you have has eh airflow
You will also need to buy a new CPU cooler, but those are cheap if you don't go top of the line or closed loop.
Because the PSU is as bare minimum as they can go, you will need a new one of those.
http://pcpartpicker.com/p/JYfXZLSuggested setup
Case is up to you
970 will do you well for quite some time. The 650w will be more than enough for everything there, and may be enough to put in a second 970 if you even want to.