Got a couple of Questions for PalmBob or anyone who knows

I took my older dog, Buddy, to get his annual shots and exam today.
He is 15 years old this year and the age has really caught up to him this last year. He is a border collie chow mix, so is a medium sized dog.
Anyway, he has this growth by his anus that the Vet had a big name for. He says that most dogs that are not neutered show up with these because they are aggravated by testosterone. I thought it was a hemorhoid. (Buddy has been neutered since he was a year old)
I was wondering if it is anything that might have to be removed and if so, is a dog this age really capable of enduring such surgery. The Vet said to keep an eye on him and if he would start having trouble going to the bathroom to consider having it removed.
At this stage in his life, I really don't want to bother him with surgery if it is unnecessary. But if it is possible for an elderly dog to survive, I wouldn't mind doing it. It is not the money, just the risk I worry about.
He also has a cyst on his back that bursts and drains occasionally and the Vet said it could get infected, but none of the problems is life threatening. Is there something I should do to make the cyst less of a pain to him? Should I get surgery and have it lanced?
I just don't know much about geriatric survival and wouldn't want to have something done that would make his life shorter than it would be without surgery.
He usually talks more about things at the visits but I think he was rushed as it was near closing on a Saturday.
I have him on Deramaxx and wonder if that is a good thing with all I have read about it.