Too much gear can lead to the thick blood/hematocrit issues, but its not normally seen in normal TRT doses. (100 mg a week).
Many these days call 300-500 mg "TRT" which its not. My 100 mg a week keeps me around 700-800 with all other markers in perfect range.
No need for phlebotomy.
TRT is very safe (real TRT) especially in healthy/athletic/gym rat type folks. (Who eat right, exercise daily, etc).
Many TRT studies are don't on gen-pop fatties, not much can help them. Like Prime mentioned, there are studies where the 700 range helps all things good, while causing no-things bad.
(Sweet spot).
Don't do it unless you really need it though, it is for life (though some have gone off and recovered).
When done properly, its game-changing at this age (mid 50's). Not muscle wise, but mood, probably some fat loss, libido, well-being, etc).
Age gracefully? I should say not!