Graphic card upgrade to boost video editing speed in Adobe Premiere Pro.

[NinjaSmoke]

Purpose: Boost video editing speed in Adobe Premiere Pro.

I use Adobe Premiere Pro and Photoshop.
I edit my Gopro 1080p videos.
My computer was built in 2010 -- 7 years ago.

SPECS:
i7 CPU 930 @ 2.80GHz -- 1366 LGA Socket
MSI x58 Pro-E
Radeon HD 5850
16GB DDR3 Ram -- Dual Channel
1TB HDD -- C: (Windows and Adobe installed)
1TB HDD -- D: (Video files stored) -- connected by external docking station
Dual Monitor @ 1980 x 1080 Resolution
PSU -- I think it is at least 500w+

My computer is probably very slow relative to today's builds, but I'm quite used to video editing on it since I've been using it for years.

What graphic card upgrade do you recommend to boost speed?
OR a better question would be -- What is my system's bottleneck?

Search has told me the GTX 1050 priced at about $120 would be a cheap effective upgrade.
Your thoughts? Best bang for your buck or would a GTX 1060 be a significantly better option?

I want to stay away from building a new platform (mobo, CPU) possibly costing up to $600. However, my CPU is a very older generation of the i7. If I were to replace it would I notice a big difference in speed?

A measly $100-200 graphic card upgrade sounds like the cheapest and most effective route.

What is bottlenecking

 

[Lucky_SLS]

video editing and rendering r cpu intensive tasks. a cpu upgrade would definitely fetch u a performance boost.
u can look for the i7 7700 or ryzen 1700.

 

[Chugalug_]

The problem here are your CPU specs and GPU, for Premiere pro you also want CUDA acceleration to speed up rendering etc.
What's your budget to upgrade?
You could do part of it now and then the rest later, like the CPU mobo and RAM now and GPU after or vice versa.
I'd recommend a Ryzen 5 CPU if funds are tight.