Benzema is strong and playing great football, but he needs a good striker to help him in the club so that he won't be featuring in every match even when he is not fit. But there is a problem there, no young striker will like to be under Benzema's shadow. If Benzema doesn't retire, it will nor be easy for Madrid to find a natural number 9 to sign for them.
Meanwhile, Real Madrid are still comfortable with Benzema's presence in the team. I believe they are also aware of what they lack in the team, it's just that we haven't seen their movement in finding and chasing players who are ready to replace Benzema. I don't think a team of their size will have a hard time finding the player they want, it just might take a little time.