Is cooler master GX 550w 6+yrs old compatible for Msi Gtx 1060 gaming x 6g

bullooka

Distinguished
Nov 22, 2014
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My system:
Cpu: i7 2600k
Ram: 8gig (simple ADATA brand)
GPU: MSI N580 twin frozer II
Main board: Asus P8p67 pro rev3.0
PSU: Cooler master GX 550
Monitor: AOC 22.5" 1920x1080.

I just bought the Gpu (Msi Gtx 1060 gaming x 6g) for 30k.
And one my freind told me that I should have asked for the suggestion here... Its late but can you guys tell me that, did I made a bad decision or is it okay. My system is already 6 yrs old and it'll be 7th on this october.
My previous gpu has been dead for some weeks thats why I bought this card in hurry.
1070 is 40 and above in india(out of my budget)