The veteran striker has already called time on his international career and is pondering whether to hang up his boots for good next summer.
"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," Mackay told Wales Online.
"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."
Bellamy has started all three of Cardiff's Premier League games this season as club captain.