Building first pc

Hey guys,
I'm looking to build a pc under $1500
I'll mostly be using it for schoolwork, with some photo editing and light gaming (minecraft, league of legends, etc.)
I already have a monitor, mouse and keyboard.

How is this build?

Case: [url=http://www.newegg.com/Product/Product.aspx?Item=N82E16811352013][/url]
Motherboard: [url=http://www.newegg.com/Product/Product.aspx?Item=N82E16813131806][/url]
RAM: [url=http://www.newegg.com/Product/Product.aspx?Item=N82E16820231460][/url]
SSD: [url=http://www.newegg.com/Product/Product.aspx?Item=N82E16820147135][/url]
CPU: [url=http://www.newegg.com/Product/Product.aspx?Item=N82E16819115072][/url]
GPU: [url=http://www.newegg.com/Product/Product.aspx?Item=N82E16814161372][/url]
DVD burner: [url=http://www.newegg.com/Product/Product.aspx?Item=N82E16827106289][/url]
PSU: [url=http://www.newegg.com/Product/Product.aspx?Item=N82E16817139021][/url]
Heatsink: [url=http://www.newegg.com/Product/Product.aspx?Item=N82E16835103065][/url]

I have a few questions, however.
Is the 2500k i5 good enough for my needs? ie should I wait and buy ivy bridge?
Also, is there a better graphics card I can get under my budget?

Thanks in advance

If you change :
PSU : CORSAIR Enthusiast Series TX650 V2 650W
http://www.newegg.com/Product/Prod [...] 6817139020
RAM : CORSAIR Vengeance 8GB (2 x 4GB) 240-Pin DDR3 SDRAM DDR3 1600
http://www.newegg.com/Product/Prod [...] 6820233186
And now in your budget fit SAPPHIRE Radeon HD 7950 3GB 384-bit GDDR5 PCI Express 3.0 http://www.newegg.com/Product/Prod [...] 6814102962
You can buy a good and cheaper mobo Like Asrock Extreme 3 Gen3 http://www.newegg.com/Product/Prod [...] 6813157271
GIGABYTE GA-Z68X-UD3H-B3 http://www.newegg.com/Product/Prod [...] 6813128498
Your build is great.