An axle assembly with a housing, a shaft received in the housing, a shaft bearing supporting the shaft for rotation relative to the housing about a shaft axis, a differential assembly, an annular band and a secondary retainer. The shaft bearing has an inner race, which is received on and directly engaged to the shaft, and an outer race that is received on and directly engaged to the axle housing. The differential assembly has an output member that is non-rotatably coupled to the shaft. The annular band is fixedly coupled to the shaft at a location along the axle shaft axis between the inner race and the output member. The secondary retainer is disposed along the axle shaft axis between the annular band and the output member and is configured to limit movement of the annular band along the axle shaft axis in a direction toward the output member.