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, and without reviewing your actual MRI images (which is not part of our role on this website) I can provide you with a definitive diagnosis, however I will try to provide you with useful information.
Your symptoms in your arm may be consistent with what is called a radiculopathy (often called a "pinched nerve"). This would be consistent with your MRI as well. The spinal cord is encased by bones called vertebra. Between these vertebral bones there is a jelly like substance, the disc. Nerves start to form as they come off the spinal cord and exit through holes (called foramina) formed between the vertebra. If a nerve is compressed on as it exits through these holes, particularly in an area called the nerve root, a radiculopathy results. The causes of this compression would include arthritis or herniated discs.
Degenerative changes means arthritis. Annular buldging means there is a disc (the area between the vertebral bones) that is buldging out. Osteophytes, or bony spurs, are basically the result of prolonged arthritis.
I recommend continued follow-up with your neurologist. He/she can advise you further regarding the plan of action.
Thank you for using the forum, I hope you find this information useful, good luck.
You have spinal degeneration at c4-c5, c5-c6, and c6-c7. In a nutshell, the diagnosis is c5-c6 radiculopathy (pain spreading down your arm). This is caused by the disks at c4-c5, mostly by c5-c6, and lesser by the disk at c6-c7.
At c5-c6, you have an osteophyte (a bone spur) at the right side, back of your neck, and the disk is compressed. The compression is forcing your spinal cord forward at this junction of vertebrae. The nerves that exit at c5-c6 are disturbed by the disk bulging, and they are causing the sensations in your arm. However, the nerve signals are mostly functioning well.
C4-C5 and C6-C7 also show problems, but the major culprit is C5-C6.
I am not a doctor, but I have had a similar MRI report and got myself educated. Since I am not a doctor, I will not advise you on a course of action, but I will tell you that you have options. Ask your neuro what those options are, then ask another neuro about your options. Get two opinions.