A perennial question.
It depends on the types of games you play.
Some are cpu limited, some are graphics limited.
The easy upgrade is graphics.
Going to a i5-6600K implies a motherboard change and that has more issues.
Here is my stock approach.
To help clarify your CPU/GPU options, run these two tests:
a) Run YOUR games, but lower your resolution and eye candy.
If your FPS increases, it indicates that your cpu is strong enough to drive a better graphics configuration.
If your FPS stays the same, you are likely more cpu limited.
b) Limit your cpu, either by reducing the OC, or, in windows power management, limit the maximum cpu% to something like 70%.
Go to control panel/power options/change plan settings/change advanced power settings/processor power management/maximum processor state/
This will simulate what a lack of cpu power will do.
Conversely what a 30% improvement in core speed might do.
If your FPS drops significantly, it is an indicator that your cpu is the limiting factor, and a cpu upgrade is in order.
It is possible that both tests are positive, indicating that you have a well balanced system,
and both cpu and gpu need to be upgraded to get better gaming FPS.
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