A socket assembly is provided for receiving and retaining a head of a fastener. The socket assembly includes a socket body having a longitudinal interior chamber defined by interior walls. The interior chamber extends axially within the socket body to a receiving end of the socket body. The interior walls of the interior chamber are configured to a shape of the head of a fastener for receiving the head of the fastener at the receiving end. A magnet is disposed within the interior of the socket body. The magnet is selectively movable in an axial direction within the interior chamber of the of the socket body. A fastening member is radially engaged to the socket body. The fastening member is configured to releasably secure the magnet within the socket body at a selected axial position in relation to the head of the fastener inserted within the receiving end.