As per the what you have written here you do have 2 levels of lumbar disc bulges at L4-5 level with no nerve root compressing.L5-S1 level disc with disc bulge compressing Right s1 nerve root .
MRI is very sensitive study ,it will show slightest changes.It all depends on your symptoms and how disabling it is for you. You have not mentioned about it.
Morever there's slight narrowing of spinal canal .
Next Steps
You should consult with either orthopedist who treats spinal disorders or neurosurgeon for clinical examination and correlate with MRI findings