Most efficient upgrades to my current build

So any suggestions to what I could upgrade specifically the motherboard, case or anything you think yourself needs upgraded. I'd like to play games like GTA 5, fallout 4 at max settings with consistent 60fps @1080p.

Case - Fractal design core 1000
PSU - XFX 550w bronze (I think)
Motherobard - MSI H61m p31 (G3)
CPU - i5 3470 @3.2GHz
SSD/HDD - Samsung pro evo 120GB/1TB seagate
GPU - MSI r9 270
RAM - 8GB Corsair 1600Mhz

What would be the ideal setup in meantime to allow for the high end CPU and GPU in the future?

And your budget is?

GPU first, PSU is a little on the shit side, might consider that, storage and ram is fine.

I would upgrade GPU now, preferably with a used 7xx or R9 2xx series GPU then save up for a whole CPU mobo, PSU, case? and storage upgrade in a year or two.

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Probably just a better GPU and more RAM. You won't see an existential increase in performance by upgrading your CPU. If you have the money, more RAM capacity and a better GPU are a better upgrade option. But likely, unless you plan on buying a GTX980 Ti, you aren't going to be able to play Fallout 4 at max settings at 1080p for 60 FPS. Nvidia is up to its gameworks shenanigans again, gimping hardware that isn't Nvidia branded.

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We need to know your budget.

I'd go with a new GPU first thing. Everything else you have is fine. You may want a better PSU though if you get a power hungry GPU. More RAM would also be helpful but that should be secondary to your GPU upgrade.

Your 3470 is totally fine for gaming.

Assuming you have one stick of ram i would just get another stick of the same capacity to get that duel channel love. spend the rest on gpu and psu if required.

Thanks for replies guys, I presumed 8GB was sufficient for gaming but a number of you have mentioned it so I'll look into it. But regards the mobo is it not significantly outdated? Budget is technically unlimited, I will get what is best for my purposes. I might hold out for a while on the GPU, ideally I want a solid system for a new GPU. At present:

Mobo - Limited to what you can do ie over clocking

Case - Literally no space left for storage (intend in putting spare drive with Linux on it)

PSU - judging by replies I would need a higher quality one

CPU - perfectly fine at the moment

So basically I haven't been up to date with the new hardware on market, so what products would you guys recommend for a new case, PSU, RAM and mobo which will be of high enough quality to make way for the likes of a 980ti/390xx and possibly a new CPU?

PS Motherboard option could be restricted since I have to stick with lg 1155 socket or else I'll need to get new CPU.

You can't overclock that chip, wait until a CPU/mobo upgrade in a year or two. GPU first.

Ok, I'll start looking at a new GPU and probably PSU. Thanks guys again.

GPU only budget permitting get the best you can, the rest of your rig is perfectly fine (pay no attention to 2nd post ~ XFX psu's are seasonic oem units and are rock solid and of high quality)