Yes, definitely. The RAM too will quite hinder overall PC speed. If you're planning to get/upgrade your GPU, I would suggest to get the GTX 750Ti. While it's old and is outperformed by the 950, it's very energy efficient and will not bottleneck your CPU in most non-demanding games.
If you want a "real" upgrade, you'll have to upgrade your CPU(which probably involves upgrading motherboard), GPU, and RAM. These 3(4) themselves involve quite a bit of money. I would suggest to save up until you have enough money for a new PC altogether, trust me, you'll love it.
Thanks! I really appreciate the help!