For the cpu, i5-4690k would be great. It's basically the best price-to-performance CPU on the market right now for gaming plus you can easily overclock it for higher speeds. OR you could just buy the non-K version. Of course, a sensible idea would be to use a better CPU cooler as well, because the stock cooler by Intel is pretty noisy. A decent aftermarket CPU cooler's like 30-40€(about the same in dollars) here. The CPU itself is around 200-250$.
The GPU you listed is indeed old and there are definitely better ones for the price. To be honest, you could get a GTX 960 for a more budget friendly choice ( around 200$) OR the best price-to-performance ratio card on the market currently, which would be the 970 (~350$). OR, if you want to go full-out, get a GTX 980, although that costs around 600$ already.
A solid insurance would be to use a heftier PSU with those new parts. Of course, using calculators and such, the required wattage shows around 400-500W. That's fine, although I'd usually get atleast 100W more than the calculators online recommend. Also, if you can, get a better brand, such as Seasonic, Corsair (not all of those are good) etc.
In conclusion, the 1250$ price tag for your listed specs is pretty bullshitty. Basically, the parts you listed cost a maximum of 700$. Of course, that's without the case, OS and assembly, but it's a pretty hefty price. Where do you live?