A cutting element is disclosed that includes a sleeve, a rotatable cutting element, and at least one retaining ring. The sleeve has a first inner diameter and a second inner diameter, wherein the second inner diameter is larger than the first inner diameter and located at a lower axial position than the first inner diameter. The rotatable cutting element has an axis of rotation extending therethrough, a cutting face, a body extending axially downward from the cutting face, wherein the body has a shaft that is disposed within the sleeve, and a circumferential groove formed around an outer surface of the shaft. The at least one retaining ring is disposed in the circumferential groove and extends at least around the entire circumference of the shaft, wherein the at least one retaining ring protrudes from the circumferential groove, thereby retaining the rotatable cutting element within the sleeve.