New to overclocking - need advice on cooling system!

[Mr Carrot]

I am currently setting up my own build for the first time and I have decided to keep the possibility to overclock open. My question is: Do I need water cooling or will air cooling suffice?

My setup is probably going to look something like this:
Motherboard: ASUS Z97-A
RAM: Corsair Vengeance DDR3 1600MHz 8GB
PSU: EVGA SuperNOVA 850 G2, 850W
CPU: Intel Core i5-4690K, 3.5GHz
GPU: MSI GeForce GTX 970 Gaming 4GB
Storage: Samsung 850 EVO 500GB SSD + Seagate Barracuda 2 TB HDD

My eyes are set on the Fractal Design Define R5 casing, which comes with 2 x 140 mm Fractal Design Dynamic GP14 fans (1000 RPM). However I am not sure, if I need additional cooling (water or air), if and when I want to overclock.

Suggestions are very welcome!

 

[Mr Carrot]

A friend of mine has suggested Cooler Master Hyper 212 Evo - will it suffice?

 

[JC De Castro]

If you have money to spare, try the best air cooler there is: Noctua NH D-14 or it's successor, the Noctua NH D-15.