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 break down some of the mutual funds with the top Zacks Mutual Fund Rank and the lowest fees.

Fidelity Select Pharmaceuticals (FPHAX Quick QuoteFPHAX - Free Report) : 0.75% expense ratio and 0.52% management fee. FPHAX is a Sector - Health mutual fund, which give investors an opportunity to focus on healthcare, one of the largest sectors of the American economy. With annual returns of 11.14% over the last five years, this fund is a winner.

MFS Mass Investors Growth Stock R6 (MIGNX Quick QuoteMIGNX - Free Report) : 0.37% expense ratio and 0.33% management fee. MIGNX 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. MIGNX, with annual returns of 12.34% over the last five years, is a well-diversified fund with a long track record of success.

T. Rowe Price Dividend Growth Adviser (TADGX Quick QuoteTADGX - Free Report) : 0.9% expense ratio and 0.48% management fee. TADGX 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. With a five-year annual return of 10.51%, this fund is a well-diversified fund with a long track record of success.

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.