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.

Here are the funds that have achieved the Zacks Mutual Fund Rank #1 (Strong Buy) and have low fees.

DFA US Hi Relatv Profitability Inst (DURPX Quick QuoteDURPX - Free Report) : 0.22% expense ratio and 0.19% management fee. DURPX is a Large Cap Blend fund, targeting companies with market caps of over $10 billion. These funds offer investors a stability, and are perfect for people with a "buy and hold" mindset. DURPX has achieved five-year annual returns of an astounding 12.15%.

Fidelity Advisor Convertible Security Institutional (FICVX Quick QuoteFICVX - Free Report) . Expense ratio: 0.76%. Management fee: 0.51%. FICVX is categorized as a Convertible Bonds fund, and in the fixed income world, these funds are quite unique. These types of securities are a hybrid, meaning they have components of both fixed income and equity. This fund has managed to produce a robust 11.75% over the last five years.

Eaton Vance Atlanta Cap Focus Growth I (EILGX Quick QuoteEILGX - Free Report) is an attractive large-cap allocation. EILGX 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. EILGX has an expense ratio of 0.78%, management fee of 0.65%, and annual returns of 15.89% over the past five years.

We hope that your investment advisor (if you use one) has you invested in one or all of the top-ranked mutual funds we've reviewed. But if that isn't the case, it might be time to have a conversation or reconsider this vitally important relationship.