Need advice with my new computer build!

So this is the final setup. Or atleast almost.

-AsRock Z77 Extreme4
-Super Flower Golden King Platinum 550W
-Corsair Obsidian Series 550D
-Intel Core i5-3570K 3.40GHz
-Corsair Vengeance Low Profile 16GB
-2x Western Digital Caviar Blue 1TB SATA III
-Thermalright Silver Arrow SB-E
-Asus NVIDIA GeForce GTX 670 2GB
-Samsung 128GB 830 Series SSD
-Asus DRW-24B5S

What do you people think about the power supply? My friend and cousin said I should go with 700W but almost everybody all over internet says that 550W is enough... :pfff: Makes me pretty confused since I don't have experience about this stuff. Opinions? Facts rather than assumptions, please. Oh, and please, tell me your opinion about the big picture too! I'm new to this, but I think it may be pretty good. I'm propably not gonna make any huge changes, but anyways thanks to you guys in advance! c:
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  1. Hmm you should go for a better power supply just to be on the safer side.
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