Thanks for using the forum. I am happy to address your questions, and my answer will be based on the information you provided here. Please make sure you recognize that this forum is for educational purposes only, and it does not substitute for a formal office visit with your doctor.
Without the ability to examine you and obtain a history, I can not tell you what the best strategy of management of your lipoma is. However I will try to provide you with some useful information.
The spinal cord is lined with a tissue called dura (and some other tissues) and is contained within a column of bones called the spinal column. It is not clear from the above description if you have a diagnosis of lipoma, and if so, whether or not the lipoma is intradural, meaning within the column of bones and within the lining of the cord, or outside of the spinal column all together.
Disks are jelly like substances that cushion the space between the bones of the spinal column. With repetitive trauma (such as in athletes) or with age, the disk loses some of its water content, this is called dessication. The disc may then protrude, or herniate between the two bones and press on the spinal cord or on the nerve roots as they exit the spine. It sounds like you have some structure (either a lipoma or a herniated disc), touching but not compressing the spinal cord. However, it also sounds like ? another radiologist thought this was a lipoma, so this is unclear, and it is difficult for me to comment further.
Whether the structure is a lipoma or a herniated disc, or whether you have both a known lipoma and in addition a herniated disc, surgery may not necessarily be necessary. You would benefit from evaluation by a spine surgeon if there is concern for a lipoma or herniated disc leading to pressure on the spine or nerve roots.
Thank you for this opportunity to answer your questions, I hope you find the information I have provided useful, good luck.