Building my first computer, is this good for gaming?

[Blue Moon]

Rig:
Intel I5-4690 processor
Gigabyte GA-Z97-UD5H Motherboard
G.Skill Ripjaws (2X4GB) Memory
PNY Optima 240 GB SSD
Seagate 2TB 7200 Hybrid HD
MSI TwinFrozer V GeForce GTX 970 4GB Video card
Antec Nine Hundred Mid Sized tower
XFX 550W ATX12V / EPS12V


Any sort of insight on computer building and this set up for gaming would be gladly appreciated.
Updated with new PSU

 

[AS7]

amazing rig! congrats

 

[Dark Lord of Tech]

Change the power supply it's the only weak component.

PCPartPicker part list / Price breakdown by merchant

Power Supply: XFX 550W 80+ Bronze Certified ATX Power Supply ($49.99 @ NCIX US)
Total: $49.99
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2014-12-02 16:04 EST-0500

 

[Calculagator]

Looks good. Since you are getting such great components, make sure you get a quality power supply. The one you have selected has enough wattage, but doesn't look like it has a good reputation. A power supply that fails can and will destroy your entire system. I like the Antec green series, seasonic, and rosewill. I'm sure someone here will comment and suggest a solid one with higher wattage.

 

[Blue Moon]

According to pcpartpicker and another PSU calculating site, this rig would only use 333W of power.
I will defiantly look into the PSU. Anything else that might need to change?

 

[Dark Lord of Tech]

The XFX PSU linked above is made by SEASONIC and more than enough power for your specs.

 

[Blue Moon]

Replaced PSU, anything else?