You may be compatible, but I have some thoughts:
1. For a balanced gamer, budget 2x the cost of the cpu for the graphics card.
You have that backward. With a $300 budget for both, a better balance would be $150 for a GTX1050ti and a $130 i3-8100.
Few games are going to use more than 2-3 threads of the 12 available on the ryzen 1600.
2. Ryzen is very picky about ram. Be certain your kit is on the QVL list or explicitly supported by the ram vendor.
And... a single stick will operate in slower single channel mode. Do not count on adding a 8gb stick in the future; ram must be matched.
If you ever want 16gb, buy your 2 x 8gb kit up front.
3. We all have a budget but
I will never again build without a ssd for the "C" drive. It makes everything you do much quicker.
120gb is minimum, it will hold the os and a handful of games.
But, many things default to the "C" drive.
When a SSD nears full, it will lose performance and endurance.
240gb is the recommended minimum.
If you can go 240gb, or 500gb you may never need a hard drive.
You can defer on the hard drive unless you need to store large files such as video's.
It is easy to add a hard drive later.
Samsung EVO is a good choice for performance and reliability.
4. 500w is fine, but
I have no problem overprovisioning a PSU a bit. Say 20%.
It will allow for a stronger future graphics card upgrade.
It will run cooler, quieter, and more efficiently in the middle third of it's range.
A PSU will only use the wattage demanded of it, regardless of it's max capability.
The extra cost of 620w is usually minimal.