What Does Disc Desiccation, Bulging And Compression In This MRI Mean?

Yesterday I went through MRI for my lower back. Just recieved my result and would request if you could help me understand this result "There is evidence of disc desiccation & mild posterior disc bulge at L5-S1 noted with right L5 nerve root compression at this level".
Also how much affect does this have on my life, and how can i control this.