That psu is neither powerful enough, or reliable enough for that build.
The motherboard is too cheap. You definitely need to upgrade to at least a 970 series if you want to stick with the FX.
For about $50 more, this is faster, more reliable, and pretty much better in every way.
PCPartPicker part list:
http://pcpartpicker.com/p/d22X3C
Price breakdown by merchant: http://pcpartpicker.com/p/d22X3C/by_merchant/
CPU: Intel Core i5-4570 3.2GHz Quad-Core Processor ($179.97 @ Amazon)
Motherboard: ASRock H97 Anniversary ATX LGA1150 Motherboard ($74.78 @ Newegg)
Memory: G.Skill Ares Series 8GB (2 x 4GB) DDR3-1600 Memory ($69.98 @ OutletPC)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($53.98 @ OutletPC)
Video Card: Sapphire Radeon R9 290 4GB Tri-X Video Card ($249.99 @ Newegg)
Case: Corsair 200R ATX Mid Tower Case ($39.99 @ Newegg)
Power Supply: XFX TS 550W 80+ Bronze Certified ATX Power Supply ($52.99 @ Newegg)
Optical Drive: Asus DRW-24B1ST/BLK/B/AS DVD/CD Writer ($16.99 @ Newegg)
Operating System: Microsoft Windows 8.1 (OEM) (64-bit) ($89.98 @ OutletPC)
Monitor: Acer G246HLAbd 60Hz 24.0" Monitor ($119.99 @ Amazon)
Wireless Network Adapter: TP-Link TL-WN725N 802.11b/g/n USB 2.0 Wi-Fi Adapter ($7.99 @ Amazon)
Total: $956.63
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2014-11-22 00:05 EST-0500