Fastener socket holder

1. A socket assembly for receiving and retaining a head of a fastener, the socket assembly comprising:

a socket body having a longitudinal interior chamber defined by interior walls, the interior chamber extending axially within the socket body to a receiving end of the socket body, the interior walls of the interior chamber being configured to a shape of the head of a fastener for receiving the head of the fastener at the receiving end;

a magnet disposed within the interior of the socket body, the magnet being selectively movable in an axial direction within the interior chamber of the socket body; and

a fastening member radially engaged to the socket body, the fastening member having a securing position to secure the magnet within the socket body at a selected fixed axial position in relation to the head of the fastener inserted within the receiving end and a loosened position to adjust the magnet to a different fixed axial position in response to a change in an axial length of the socket body.

2. The socket assembly of claim 1 wherein the interior walls of the interior chamber form a polygon, and wherein the intersection of at least two of the respective interior walls is axially fluted for increasing the magnet field acting on the head of the fastener inserted within the receiving end.

3. The socket assembly of claim 1 wherein the fastening member includes a set screw.

4. The socket assembly of claim 3 wherein the socket body includes a threaded hole extending from an exterior wall of the socket body to an interior wall of the socket body, wherein the threaded hole receives the set screw for securing the magnet at a respective axial position within the interior chamber.

5. The socket assembly of claim 4 wherein the socket body includes a plurality of threaded holes axially spaced along the socket body, each of the threaded holes are configured to receive the set screw for axially positioning and securing the magnet within the interior chamber.

6. The socket assembly of claim 5 wherein the fastening member includes at least two set screws, the at least two set screws being inserted within at least two of the plurality of threaded holes to secure the magnet at a respective axial position within the socket body.

7. The socket assembly of claim 6 wherein the socket body is formed of a magnetic metal, the socket assembly further comprising a non-magnetic sleeve disposed within the interior chamber of the socket body, and wherein the magnet is disposed within the sleeve for axially guiding the magnet within the interior chamber.

8. The socket assembly of claim 6 further comprising a substantially non-magnetic sleeve disposed between the interior walls of the chamber and the magnet, the sleeve being affixed to the magnet and moveable with the magnet.

9. The socket assembly of claim 8 wherein the magnet is cylindrical, and wherein the sleeve forms a shell about a cylindrical portion of the magnet.

10. The socket assembly of claim 7 wherein an axial length of the sleeve is substantially the same as an axial length of the magnet.

11. The socket assembly of claim 7 wherein the non-magnetic sleeve is made of a metal.

12. The socket assembly of claim 7 wherein the non-magnetic sleeve is made of a non-metal.

13. The socket assembly of claim 1 wherein the receiving end of the socket body receiving the head of the fastener is capable of regrind after wear, the magnet being selectively moved in an axial direction within the socket body for adjusting to the length of the head of the fastener after a respective regrind operation.

14. The socket assembly of claim 1 wherein the magnet is a permanent magnet.

15. The socket assembly of claim 1 wherein the magnet is a rare earth magnet.