Surrounded by close friends, colleagues and the very rich who he had prised donations from for schools and clinics, Mandela said, "I'm confident that nobody present here today will accuse me of selfishness if I asked to spend time, while I'm still in good health, with my family, my friends and also with myself."
He said that as he approached his 86th birthday, he wanted time for reading, thinking and quiet reflection, and that the memoirs of his presidential years, "now really need my urgent attention".
"I do not intend to hide away totally from the public, but henceforth I want to be in the position of calling you to ask whether I would be welcome, rather than being called upon to do things and participate in events.
"The appeal therefore is: don't call me, I'll call you," he said to laughter at the Nelson Mandela Foundation's Johannesburg headquarters.
"Thank you very much for your attention and for being kind to an old man - allowing him to take a rest, even if many of you may feel that after loafing somewhere on an island and other places for 27 years, the rest is not really deserved," said Mandela, who then received a standing ovation.
Mandela was incarcerated on Robben Island with many other political leaders in the fight to bring down apartheid.
He said he was pleased that he could get billionaires to clap for him. In the audience were Richemont CEO Johann Rupert, politician turned businessman Tokyo Sexwale, as well as leading legal brains, Constitutional Court Judge Yvonne Mokgoro and Judge Kathy Satchwell.
Since the completion of his five-year term in 1999 as the country's first democratically elected president, and the formation of the foundation in the same year to manage his activities and future goals, Mandela has astounded observers with his packed diary.
Even his party, the African National Congress (ANC), said they did not want to push him too much during the campaigning for the recent election.
He even made it to Zurich, Switzerland recently, to add weight to the country's successful bid to host the soccer world cup in 2010 and managed to squeeze in a European royal wedding.
Closer to home, he charmed the pupils of Rebatla Thuto school in Koppies in the Free State on Monday, telling them "the sky is the limit".
Mandela is also known for making the dreaded "breakfast calls" to winkle money out of the wealthy for the Nelson Mandela Children's Fund, which works for the wellbeing of children, and for the Mandela/Rhodes Foundation, which will provide scholarships.
Ahmed Kathrada, one of Mandela's oldest friends and a co-prisoner on Robben Island told Sapa, "We have been urging him to do it for a long time. We have even appealed to (his wife) Mrs (Graca) Machel.
"I hope he will stick to it. When the ANC embarked on the campaign to make the country ungovernable it seems that he became ungovernable too!" said Kathrada, who was also once Mandela's political adviser.
Former speaker of Parliament Frene Ginwala said, "I am very glad for him and I hope we will succeed in letting him do it."
Another old friend and former Robben Island inmate Mac Maharaj said: "I am very happy and pleased because all of us in South Africa and abroad understand that his departure is his desire to have time with his family and his friends.
"His biggest legacy is for each person to live their life according to their beliefs and to have a sense of caring for their fellow human beings," said Maharaj who was Transport Minister in Mandela's cabinet.
Mandela said the work of the three "legacy organisations" would continue and told the sceptics who had heard retirement promises before, that "it's for real".
The foundation's chief operating officer Tim Scholtz told Sapa that his diary had not been cleared completely yet, but entries would be scaled down considerably.
Meanwhile, the Foundation was aiming to increase its funds to an endowment of R1-billion, even without the "Madiba Magic".
His assistant Zelda la Grange, who "just applied and got" what many consider to be the dream job, told Sapa that she would always be available for Mandela and would still accompany him on his travels. She would also be involved with the foundation's launch of a centre to commemorate Mandela's memory.
"I hope I can plan my weekends now at least," she joked. - Sapa
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