Investing in mutual funds for retirement is never too late. And the Zacks Mutual Fund Rank can be an excellent tool for investors looking to invest in the best funds.

The best way to shortlist great mutual funds is to ensure solid performance, diversification, and low fees. Some are better than others, but utilizing the Zacks Mutual Fund Rank, we have identified three mutual funds that could be solid additions to one's retirement portfolio.

Let's learn about some of Zacks' highest ranked mutual funds with low fees you may want to consider.

Calvert Balanced Portfolio I (CBAIX Quick QuoteCBAIX - Free Report) has a 0.68% expense ratio and 0.51% management fee. CBAIX is classified as an Allocation Balanced fund, which seeks to invest in a balance of asset types, like stocks, bonds, and cash, and including precious metals or commodities is not unusual. With yearly returns of 9.5% over the last five years, this fund clearly wins.

Columbia Small Cap Value I Class Y (CSVYX Quick QuoteCSVYX - Free Report) . Expense ratio: 0.86%. Management fee: 0.81%. CSVYX is a Small Cap Value mutual fund option, which typically invest in companies with market caps under $2 billion. This fund has managed to produce a robust 10.04% over the last five years.

BlackRock Value Opportunities R (MRSPX Quick QuoteMRSPX - Free Report) . Expense ratio: 0.98%. Management fee: 0.5%. Five year annual return: 8.79%. MRSPX is part of the Large Cap Blend section, and these mutual funds most often invest in firms with a market capitalization of $10 billion or more. By investing in bigger companies, these funds offer more stability, and are often well-suited for investors with a "buy and hold" mindset.

These examples highlight the fact that there are some astonishingly good mutual funds out there. If your advisor has you in the good ones, bravo! If not, you may need to have a talk.