The best thing to do is to discuss the result with your physician. In general, this MRI
describes a cervical spine (neck spine) that has degenerative changes. Degenerative changes basically are when the discs in between the vertebrae start to break down. This happens to everyone when they get older, but some people have it happened when they are younger. Degenerative disc disease can result in neck pain. The mild disc bulging you describe here with mild ventral effacement of the thecal sac means that there is a degree of spinal stenosis here. Spinal stenosis means that the spinal column is narrower than it should be. In this case, it touches the outer edge of spinal cord structure. This may or may not result in neck pain or pain radiating into the arms. In some cases patients might report leg or arm weakness. In others they may be symptom free.
In the absence of more information, there does not seem to be anything specific to do about this, but please speak with a physician. If the patient here in question has neck pain, they might benefit from physical therapy and core muscle strengthening. A physiatrist
would be the best physician if this were the case. If there is pain radiating down and arm or leg/arm weakness, then you might schedule an appointment with a neurosurgeon
to see if a cervical spine decompression and fusion would be of some benefit.