If it were me I would keep it for now and get a GTX 1060 6GB or RX 470/480 for 1080p. Those can be trasferred to another build later on. I would also consider 8 more GB of memory. If your power supply is also 5 years old I would consider replacing it. With a nice heat sink like a Hyper 212 evo you should be able to easily get 4.5 GHZ on the I5 2500k with that motherboard.
This is kind of one of the difficulties I've had with figuring out how to proceed as I have difficulty knowing if my computer would have enough juice to power a new powerful video card (or other potential upgrades) or not. I'm not particularly tech savvy unfortunately. What kind of power supply would I be looking for do you think?
I'd start with the video card. Five years is forever in the computer world, but if everything else is making the grade the video card should buy you another 12 months or so. As Zone_86 said you should be able bring it over to your next build cutting out the cost of one of the major components. Back in the day video card slots changed with about the same frequency as CPU sockets so you ended up buying new for both. For the last five years the slots have been stable for video cards.
I disagree with Zone_86 on upgrading the RAM and Power Supply. Unless you're seeing a problem with having your RAM maxed out there is no need. I built my current machine in August 2012 and put in 32GB of RAM. I don't even hit 8GB running World of Warcraft, Chrome, PowerDVD, and the two tons of background apps. Provided your current power supply will support the video card you want I'd wait until it fails or shows signs of failing, not everyone has money to burn.
You don't mention your drive. A solid state drive would give you a boost in performance, but isn't necessary.
I had heard 5 years was pretty old in computer years so I have honestly been ready for a upgrade of some sort for awhile. The changing CPU sockets was one of those things that prompted me to ask around for advice in the first place so hearing that it is less of a problem nowadays is kind of a relief. Would a new card work with my current build though if I do not upgrade anything else right now? From the way your talking about it I'm assuming it would but just making sure.
Going forward games even 2 years ago can max out 8+ GB ram at higher resolutions 1080 (yes even 1080) 1440, 2k, 4k. I know this first hand so I disagree with Kilroy. If a power supply is going in 5+ years service you do don't leave everything up to chance. replace it. Chance is for fools that like to replace hardware and may not know the shelf life and durability of a power supply unit. I don't deal in chance I deal in absolution. WoW is nothing, nor is Power DVD, nor a supposed two tons of background apps. A Solid state drive is a massive overall upgrade if you have been on a standard SATA spinner. Not so much in terms of performance but in terms of drastic real-world noticeable speed of loading levels, file transfer, boot up, shutdown and overall nominal operating system paradigms.
I must admit chancing it doesn't appeal to me either and I do play more hardware intense games then WoW so perhaps it wouldn't be a bad idea.
I do not currently have a SSD although I have been considering it for awhile. Would it be better if I waited for a completely new build before adding it or would it be easy to integrate into my current one without problems?
A 1070 is probably overkill for 1080p unless you want use it for later builds, then it would be considered a future proof GPU that can be transferred between more builds. I've yet to hear of any game that goes above 8GB by itself on 1080p. A 1060 6Gb or RX 480 4GB is enough at 1080p and they're not that much different at unless you are planning to play at 1440p.
I figure I will transfer over to higher resolutions at some point although I'm not in a hurry to do so.
In regards to all the talk about RAM, I've yet to notice any gaming I've done hit the limit so to say of my RAM though it has definitively hung around the edges. Seeing as how easy a RAM upgrade is to do though I suppose it wouldn't hurt to upgrade it at the same time. 32gb seems excessive but at the same time I suppose it wouldn't hurt either as long as it wouldn't cause some other problem.
By the way, was gonna ask about SLI, is that something worth considering? I'm not sure I'm in a position to utilize it to begin with and from what I hear it can be kind of hit and miss but wouldn't mind hearing what others have to say if they have any experience with it.
Any concrete suggestions in regards to all my questions would be appreciated. I would be fine spending some extra cash if I could be sure I would have a solid gaming computer going forward. It would actually be nice if you could actually also just give some advice for me to keep in mind in regards to upgrading a gaming rig for the future.