A tool bit assembly includes a tool bit having a shaft with a first working region disposed at a first end of the shaft and a first reduced diameter portion proximate the working region and disposed between a first shoulder and a second shoulder. A floating sleeve has a rear portion with a pair of opposed window openings, a front portion supporting a magnet, and a pair of balls, with each ball disposed in one of the window openings. The floating sleeve is receivable over the tool bit with the magnet proximate the first working regions and the balls received in the first reduced diameter portion to allow the floating sleeve to move between a first position in which the balls abut the first shoulder and a second position in which the balls abut the second shoulder.

An adapter tool with a drill bit is provided that selectively connects to a driver to provide added versatility to the driver. The adapter tool includes a spring with an engagement end that extends through a body to selectively engage a recess in the driver. A user can actuate the spring to quickly engage and disengage the adapter from the driver. In practice, a user can use the adapter-driver combination to drill a pilot hole using the drill bit on the adapter, selectively remove the adapter from the driver, and then put a screw into the pilot hole using the driver.