Is this spec okay? (I want to upgrade PC.)

Do I need to change my motherboard and PSU, or is there a way to avoid upgrading them? Can new CPU and new GPU fit in the motherboard?

My spec now

MB: MSI pro b660m-p ddr4

CPU: I3-12100f

GPU: RTX 3050

RAM: Kingston Fury Beast 32gb bus3200 ddr4 (8x4)

PSU: Cooler Master MWE v2 700w 80+ bronze

SSD: M.2 512gb

What I want to change

CPU: I5-12400f or I5-14400f

GPU: RX 9070 16gb or 5070 12gb. Or maybe something a bit lower, like RX 9060 XT 16GB.

Extra question

If I want to upgrade to I7, I must change a motherboard and PSU right?