This is a great question that was recently answered. A study of 805 patients with mean age of 53 to 59 showed that arthroscopic repair of degenerative meniscal tears does not significantly improve long-term pain or function.
Arthroscopic surgery did help increase function for the first six months, but this improvement was not seen for longer-term outcomes (six months to two years). Also surgery did not improve pain in teh short term or in the long term.
Consider physical therapy and try to avoid surgery, if possible.
I hope this helps.