At the moment there is not much information to go on. PSA being only slightly above normal suggests either you don't have cancer, or it is at early stages. DRE results are quite highly suggesting you do have cancer.
You can't do anything until you have biopsy results. If it comes back as positive then there will usually be many treatment options. I can say with 98% certainty that you will still be alive in 5 years, and if you aren't alive then, it will be more likely to be a car crash or heart disease, than cancer that killed you.
Ofcourse you want to live beyond five years, and your chances of that will depend on many things of which prostate cancer may be significant.
I was diagnosed at 53 treated. Five years later all is well. My cancer was much more aggressive than the average prostate cancer, and has about a 50% chance of returning in the next 15 years, but I will cross that bridge if I get to it.
You finished your post with "Advice please?"
My advice is, do not worry about what might or might not happen, because worrying won't change the outcome. Go for all the tests so the doctors can get the full picture, they can then explain it to you, and people on this forum can clarify what some of that explanation means if needed. I'm not going to give you anymore advice than that because until you have a diagnosis it is all speculation.