Unreal Engine 5 minimum system requirements?

I have an older pc. I’m not going to get a new pc until next year when things are better and there’s brand new technology (DDR5 memory, new cases, USB4/Thunderbolt 4, RTX 4000s, new CPUs, etc).

Here are my specs:

  • Case: NZXT Manta ITX
  • CPU: Intel Core i7 7700K Quad-Core
  • CPU Cooler: Corsair H115i Liquid Cooler
  • Video: MSI GeForce GTX 1070 Gaming X 8GB
  • Motherboard: MSI Z270I Gaming Pro Carbon AC Mini ITX LGA1151
  • RAM: G.Skill Ripjaws V Series 32GB DDR4-3200 CL16
  • PSU: Corsair AX 860w 80+ Platinum Fully Modular
  • Storage 01: Samsung 850 EVO 500GB 2.5" SSD (for Windows/Applications)
  • Storage 02: Samsung 840 EVO 250GB 2.5" SSD (for Games)
  • Storage 03: WD Caviar Black 2TB 3.5" 7200 RPM HDD (for Data)
  • Storage 04: WD MyBook 8TB USB 3.1 Gen 1 External HDD (for Daily Data Backup)

All three of my storage drives are running slow on space. I’m planning on upgrading and replacing all 3 of my storage drives and adding an M.2 Gen 3 NVME SSD to the mix as well.
My plan is to do this:
*Storage 01: Samsung 970 EVO Plus 1TB M.2 NVME SSD (for Windows & Applications)
*Storage 02: Samsung 960 EVO 1TB 2.5" SSD (for Games)
*Storage 03: Samsung 960 EVO 2TB 2.5" SSD (for Work Files - UE4 projects/3D/Game Dev)
*Storage 04: WD Black 4TB HDD (for long-term data)
*Storage 05: WD MyBook 8TB External HDD (keep my backup drive which is brand new and works great).

The reason I’m upgrading my storage is that I am running out of space on all 3 drives and my hard drive has been such a bottleneck for editing and working with UE4 projects to the point where it sometimes crashes (and it’s also 8 years old).

Will I be able to run Unreal Engine 5? Should I upgrade my graphics card to a 2070 or 3070 if possible? It’s really hard to find a graphics card today with reasonable price…