BlackRock CEO Larry Fink has a sobering message for retirement savers

BlackRock CEO Larry Fink has a sobering message for retirement savers today: Save more, expect less. Fink, whose firm BlackRock has $4.5 trillion and is the world's largest asset manager, told CNBC's Squawk Box that any long-term investor should not expect anything more than 4 or 5 percent, even as he expects the stock market to retain its historical average return of 6 to 7 percent. One element that will have an impact: this week's Brexit vote. While he expects Great Britain to stay in the European Union, he said he is nervous because it's going to be a close vote, and that speaks to larger structural issues that will need to be addressed. "If the U.K. votes to stay, I do believe there has to be policy responses," Fink said. "I'm under the belief now that the government [there] is aware that this anger is real. And if they don't respond to this anger, it's going to get worse."

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