Dow 28,000 Possible in 6 Years: BlackRock's Fink

The bull market in stocks has another five to six years left with the possibility of 8 to 10 percent annual growth, Larry Fink, chairman and CEO of investment firm BlackRock, told CNBC on Wednesday.

Doing the math at the high end of Fink's projections, the Dow Jones industrial average would be at more than 28,000 in 2019.

In the near term, corporate earnings have pretty much kept pace with the recent stock market rally, he said in a "Squawk Box" interview.

"The S&P [500] is around 15½, 16 times earnings," he added. "There's no question in my mind that equities remain ... fairly cheap."

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Last week, comments from Federal Reserve Chairman Ben Bernanke and details from the minutes of the central bank's latest meeting added some concern in the market that the Fed might start to taper its $85 billion a month bond-buying program sooner than expected.

"I believe the fixed income market is going to respond with higher rates, but not arguably very high rates," Fink predicted. "That's still supporting an equity market."

"The Federal Reserve may still take its foot off the pedal and we can debate when that will be—whether it's in September," he continued, "I actually believe it will be later."

"The [Fed] chairman also said he's focused on employment, He's not focusing on data. And the data is actually mixed. You have consumer confidence much higher, but you have manufacturing data slowing down."

"The economy is not at full throttle," he explained, but it feels better than it is because consumer confidence is rising.

Meanwhile, Americans are not saving enough for retirement, which is a bigger issue than tax policy, Fink said.

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Bonds are no longer providing sufficient returns, Fink told "Squawk Box," because longer life spans are making retirement income even more crucial.

"We are going to have to start thinking about ways of creating a different type of mandatory savings policy," he said, pointing out that "the average American only has $25,000 of savings."

He added, "Only 65 percent of Americans, who can participate in a defined contribution plan, participate."

Social Security was never meant to be a savings plan, Fink reminded. "Even the highest earner only receives $24,000 from Social Security, and yet 70 percent of Americans' income during retirement comes from Social Security."

"There's a duration gap between what we are putting into our pensions in terms of maturities and what our actual needs are," he said. "You're not going to want to get your duration in 30-year bonds today at a 3 percent rate."

"I believe you are going to get duration through equities," Fink concluded, emphasizing his bull case for stocks.

_ By CNBC's Matthew J. Belvedere. Follow him on Twitter @Matt_SquawkCNBC.