Your system is fine, there are two ways that made my emulator faster:
While creating a virtual device using AVD, Use X86 instead of ARM. Now download the HAXM tool from the SDK manager in the extras section and install it. Now your new emulator based on intel will me as fast as a phone.(Only for intel based chips supporting Virtualization.) For more on this option.
If option one does not work for you. Just start using genymotion emulator(Free for personal use). Its awesome.