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With age degenerative changes occur in our body including the vertebral bodies. New bone formation occurs at the margins of vertebral bodies as a consequence of use and degeneration and this is seen as marginal lipping of vertebral bodies. This is of no consequence other than being a sign of degeneration.
Pain in low back can be due to degenerative disc disease which would be picked up on MRI.
In degenerative disc disease intervertebral discs are seen to be blackened on T2 images.