Bellamy raised the prospect earlier this week.
"I think the remarks from Craig about retiring from football have been made quite casually right now," Mackay told WalesOnline.
"I don't think he's definitely made up his mind yet and that is a good thing. He has said he will retire from international football to spend more time with his family and everyone respects that after what he has given for Wales.
"I think with football in general though he has got to that point in his career when you do reflect upon things.
"You start to wonder what the future holds for you outside of playing. I had that very much myself too.
"But I think Craig has got time to consider that at the end of the season and make a decision."
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