Given that the report is a correct interpretation:
there seems to be wear and tear of the neck, with some narrowed openings for the nerves, but without significant symptoms (like weakness or sensory loss, bowel or bladder problems) the changes are not serious and are indicative of regaular wear and tear with age. Conservative therapy like PT or pain meds is the usual reccomendation.
Bone marrow signal changes with age and reflects wear and tear also. Disc bulges are present (again due to wear and tear) but none seem to be significantly compressing any nerves. The openings for the nerves to exit from the spine seem to be narrowed by bony spurs and vertebral joint enlargement (facet hypertrophy) again all from wear and tear
If the above symptoms I describe develop though, then you would need to get this addressed right away