Permanent magnets retain their magnetism over a long period of time and do not easily lose their magnetic properties. Examples of permanent magnets include bar magnets, horseshoe magnets, and magnets made of materials like neodymium or ferrite. Temporary magnets, on the other hand, only exhibit magnetism when they are in the presence of a strong magnetic field. Once the external magnetic field is removed, they lose their magnetism. Soft iron is an example of a temporary magnet.