I try to maintain ~165 lbs. When I go into the 150s I feel weak. When I go into the 170s I feel fat (because of belly protrusion). It's a delicate balance.
When I was trying to lose weight I would cut my calories by 500 a day, so instead of the 2,250 or so I normally had taken in, I would take in 1,750. That way I could lose about a pound a week (3,500-kcal deficit equals one pound; 500 kcal per day * 7 days = 3,500 kcal). Losing weight gradually is one of the better ways to keep the weight off permanently, so you don't end up boomeranging.
But now that I am monitoring my sodium intake (via MyFitnessPal, arguably the greatest phone app on the planet), to your point, I don't retain water like I used to and now I have to focus on getting enough calories, rather than reducing calories. Good problem to have? You tell me. 😁