It is advisable to have the lipoma removed because it has grown to the size of 5 inches. The reason for going in for surgery now is to eliminate the chances of getting malignancy in future. There is no urgency for surgery, it can be planned for in the near future. This surgery does not prevent one from developing lipomas in other areas of the body. If the lipoma is removed in toto (with its capsule), lipoma does not develop at the same site. Usually, this surgery has no risk. The size of the tumour is big and thus general anaesthesia is preferred but you can discuss with an anaesthetist regarding other forms of anaesthesia.