M-J, The lump is probably not cancer, but it does need to be checked out. The most common type of lump in someone your age is called a fibroadenoma, and they are often found near the nipple according to Dr. Susan Love's Breast Book. This type of lump is harmless, but only a doctor can determine what this lump is. Try not to panic; even in older women lumps usually turn out to be benign (not cancer). It's good that you are noticing what is happening with your breasts and asking questions.