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.

If you are looking to diversify your portfolio, consider Ivy Mid Cap Growth I (IYMIX Quick QuoteIYMIX - Free Report) . IYMIX is a Mid Cap Growth mutual fund. These mutual funds choose companies with a stock market valuation between $2 billion and $10 billion. This fund is a winner, boasting an expense ratio of 0.79%, management fee of 0.77%, and a five-year annualized return track record of 11.19%.

Oppenheimer Discovery R (ODINX Quick QuoteODINX - Free Report) : 1.26% expense ratio and 0.59% management fee. ODINX is a Small Cap Growth mutual fund and tends to feature small companies in up-and-coming industries and markets. With yearly returns of 10.14% over the last five years, ODINX is an effectively diversified fund with a long reputation of solidly positive performance.

T. Rowe Price New America Growth Adviser (PAWAX Quick QuotePAWAX - Free Report) : 1.07% expense ratio and 0.63% management fee. PAWAX is a Large Cap Growth option; these mutual funds purchase stakes in numerous large U.S. companies that are expected to develop and grow at a faster rate than other large-cap stocks. The fund is mainly invested in equities, has a long reputation of salutary performance, and has yearly returns of 13.17% over the last five years.

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.