New Computer Requirements

I currently run Premiere Elements 14 on a 9 year old Dell Inspirion 580 computer. It's time for an upgrade. My question for the community is this. Will a computer equipped with an i7 Intel processor and 12 gb RAM do the job? I realize the Adobe specs call for 16gb RAM but there is a big jump in price to get 16gb among the selections I am looking at.

The video editing I currently do is pretty much limited to files from a Sony AZ1 action camera at 1080p60 along with JPEG images taken with the compact camera I carry when cycling.  Also, I will likely just upgrade to a new Premiere Elements version for the new computer.

Thanks MJO.