Kashimi :
It says 500W because it goes for the absolute lowest possible required. You have to remember that the power supply isn't 100% accurate in transferring power. That's why you get power supplies that are rated 80+
You have to account for the fact that not all the power from a power supply can be converted to your components.
The minimum PSU recommended by Nvidia isn't necessarily a bare minimum. They don't know what else is in your system so they tend to overestimate a bit. And a good PSU should be able to
output its rated power, even after taking losses into account. The problem is people buy low quality PSUs that can't reliably output what they say. In the example of the OP's PSU, it is only rated for 500W up to 30C. Given that the PSU will likely almost always be operating with a higher ambient than that, it effectively isn't a 500W PSU anymore. To be honest it'd probably still work, at least for a while, but I don't know how much I'd trust it personally to run that system.
A high quality 500W would be fine for that rig. ~100W for the CPU, ~200W for the GPU, ~50W for everything else.