I've tried sticking a high-strength magnet to the shaft, but found it wants to jerk the scerwdriver to any nearby steel, jarring the screw off the bit. The ring magnet may want to do this too, but I think I could place it on the shaft such that the magnet is in contact with the screw when the bit is engaged. Worth a few dollars to find out, and Grainger has both the Klein and the magnet.