A retractable tool bit assembly for a tool such as an allen key is presented. The assembly includes one or more spring loaded nestable or telescoping tubular sections together with a catch mechanism for capturing and holding the tool in its retracted position. The catch mechanism consists of a latch mechanism located in a base section and which engages a conically shaped tool head located at the inner end of the tool. The tool head adjoins an eccentric oval type neck portion which extends to a rear lip of the tool head. The latch mechanism releases when the ovular neck portion rotates about the catch members upon actuation of a rotary tool drive motor. When released, all the telescoping sections and the tool extends fully outward to a use position
