Quick Change Bit Holder With Ring Magnet

A tool bit, comprising:

• a shaft having a shank at a first end and a working region disposed at a second end, said shaft having a shaft section between said shank and said working region having a reduced diameter region disposed between two shoulders, the reduced diameter region providing a torsion zone that allows the shaft section to twist to absorb forces while the tool bit is being used to drive a fastener;
• and
• a ring magnet assembly movably disposed at said second end of said shaft to magnetize a fastener to retain the fastener to the working region of the tool bit.

The tool bit according to claim 12, wherein said ring magnet assembly comprises a sliding sleeve that is retained on said shaft by a plurality of fingers that engage said reduced diameter region of said shaft between said two shoulders.

The tool bit according to claim 14, wherein said plurality of fingers are attached to said sliding sleeve.

A tool bit, comprising:

• a shaft having a polygonal shank at a first end and a working head region disposed at a second end;
• and
• a ring magnet movably disposed at said second end of said shaft to magnetize a fastener to retain the fastener to the working head region of the tool bit, wherein said working head region includes a recessed groove therein for receiving a retainer ring therein, said ring magnet being supported by a sleeve that is retained on said shaft by said retainer ring.