i5 4690k OC with 550w

Solution
Your GPU alone is a power-hungry component, capable of drawing up to 375W (due to the 2x 8-pin PCIE power connectors). Your i5-4690K has a TDP of 88W, non-OC'd. Pushing the CPU at 4.8GHz will increase your power draw at possibly 30W over TDP, i.e., ~120W. Your 2x DDR3 RAM sticks and SSD could draw around ~10W total. Your HDD, at startup, can consume ~30W. Your fans (assuming 3x total, including AIO), could draw up to ~20W.

So, you might be looking at a power draw of 375W + 120W + 10W + 30W + 20W = 555W (or ~46A) at the +12V rail.

Your PSU is a good-quality brand/model that can deliver up to 540W (45A) at the +12V rail. But given my estimated theoretical calculations, you would be pushing the PSU to its limit (or even...
Your GPU alone is a power-hungry component, capable of drawing up to 375W (due to the 2x 8-pin PCIE power connectors). Your i5-4690K has a TDP of 88W, non-OC'd. Pushing the CPU at 4.8GHz will increase your power draw at possibly 30W over TDP, i.e., ~120W. Your 2x DDR3 RAM sticks and SSD could draw around ~10W total. Your HDD, at startup, can consume ~30W. Your fans (assuming 3x total, including AIO), could draw up to ~20W.

So, you might be looking at a power draw of 375W + 120W + 10W + 30W + 20W = 555W (or ~46A) at the +12V rail.

Your PSU is a good-quality brand/model that can deliver up to 540W (45A) at the +12V rail. But given my estimated theoretical calculations, you would be pushing the PSU to its limit (or even beyond).

An rig built around an R9 390 is actually recommended to have a 650W PSU (but detailed calculations can be obtained that a good-quality ~600W would be enough).

In summary, you have several choices to do:
1) Don't overclock your CPU and stick with your current PSU and GPU.
2) Stick with your current PSU and get a more power-efficient GPU so you can overclock the CPU.
3) Get a ~600W ~650W good-quality PSU to overclock your CPU and use your current power-hungry GPU.
 
Solution