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

Dreyfus Strategic Value Y (DRGYX Quick QuoteDRGYX - Free Report) : 0.63% expense ratio and 0.6% management fee. DRGYX is a part of the Large Cap Value category, and invests in equities with a market capitalization of $10 billion or more, but whose share prices do not reflect their intrinsic value. DRGYX has achieved five-year annual returns of an astounding 10.29%.

Jensen Quality Growth Fund I (JENIX Quick QuoteJENIX - Free Report) : 0.61% expense ratio and 0.48% management fee. JENIX 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. With yearly returns of 11.38% over the last five years, JENIX is an effectively diversified fund with a long reputation of solidly positive performance.

ProFunds Tech UltraSector Investor (TEPIX Quick QuoteTEPIX - Free Report) is an attractive large-cap allocation. TEPIX is a Sector - Tech mutual fund, allowing investors to own a stake in a notoriously volatile sector with a much more diversified approach. TEPIX has an expense ratio of 1.48%, management fee of 0.75%, and annual returns of 15.06% over the past 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.