It is never too late to invest in mutual funds for retirement. As such, if you plan to invest in some of the best funds, the Zacks Mutual Fund Rank can provide you with valuable guidance.

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 take a look at some of our top-ranked mutual funds with the lowest fees.

American Century Select R (ASERX Quick QuoteASERX - Free Report) : 1.46% expense ratio and 0.99% management fee. ASERX is a part of the Large Cap Growth mutual fund category, which invest in many large U.S. companies that are expected to grow much faster compared to other large-cap stocks. ASERX has achieved five-year annual returns of an astounding 10.46%.

Bridgeway Small Cap Value N (BRSVX Quick QuoteBRSVX - Free Report) . Expense ratio: 0.83%. Management fee: 0.61%. BRSVX 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 10.05% over the last five years.

Fidelity Advisor Technology M (FATEX Quick QuoteFATEX - Free Report) is an attractive large-cap allocation. FATEX is part of the Sector - Tech mutual fund category that invests in technology and lets investors own a stake in a notoriously volatile sector, but with a much more diversified approach. FATEX has an expense ratio of 1.21%, management fee of 0.52%, and annual returns of 13.59% over the past five years.

There you have it. If your financial advisor had you put your money into any of our top-ranked funds, then they've got you covered. If not, you may need to talk.