With population aging, there is a decline of retirees' dependence on pension and their children, while the accumulation of assets and the return of assets during the work period become more important for their future pension security. Investment products at different risks have various capital return rates. Residents' investment risk preference will directly decide residents’ investment behavior preferences and portfolio demand, and therefore affect the returns of asset in the future. Using the survey data of 2011 Chinese Household Finance Survey, this paper empirically analyses the influence of age on the risk preference of residents by establishing a series of ordered logistic regression models. The results show that the investment risk preference during different life cycles is different, and the risk preference of the residents gradually decreases with age. Population ageing will reduce the overall investment risk preference and develop a low return rate through adjusting the supply and demand of the future investment market. Finally, this paper discusses policy implications.