Abstract: A magnetic retrofit trim system, kit and method for installing retrofit system for luminaires. The system comprising: a housing configured to house a magnetically attached light module, particularly an LED light engine, to an inside of the housing; a removably attachable reflector; and a removably attachable trim. The reflector and trim are magnetically and separately attachable to the housing without using tools via magnets on the housing. The housing is configured to house a driver and electrical wiring/cable for connection to the light module and to an existing lighting fixture; the housing having one or more tension springs/blades on an outer surface of the housing providing secure attachment to the inner surface of a can in the lighting fixture. The system is installed where both trims and reflectors are manually adjustable and interchangeable with other trims and reflectors, before or after installation in the lighting fixture, without use of tools.