A retaining ring anti-migration system and method. A retaining ring anti-migration system for a centrifugal pump shaft includes a pair of trap sleeves that enclose a pair of retaining rings, one retaining ring around each end of the shaft enclosed by one trap sleeve, the pair of retaining rings configured to bound axial migration of the shaft both upwards and downwards. A retaining ring anti-migration system includes a retaining ring seated in a shaft groove extending circumferentially around an electric submersible pump (ESP) shaft, a trap sleeve extending around the ESP shaft adjacent to the retaining ring, the trap sleeve including a sleeve body secured to the ESP shaft such that the trap sleeve rotates with the ESP shaft, and a jacket extending axially from the sleeve body over an outer diameter of the retaining ring with a clearance between the shaft and the jacket.