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.

Dreyfus Fund (DREVX Quick QuoteDREVX - Free Report) : 0.71% expense ratio and 0.65% management fee. DREVX is a Large Cap Growth mutual fund, and these funds invest in many large U.S. firms that are projected to grow at a faster rate than their large-cap peers. DREVX has achieved five-year annual returns of an astounding 10.94%.

Franklin Convertible Securities Adviser (FCSZX Quick QuoteFCSZX - Free Report) : 0.58% expense ratio and 0.46% management fee. FCSZX is a Convertible Bonds mutual fund, and these funds are unique in the fixed income world; these securities have components of both fixed income and equity, making them hybrid securities. FCSZX, with annual returns of 11.54% over the last five years, is a well-diversified fund with a long track record of success.

Vanguard Dividend Growth Fund (VDIGX Quick QuoteVDIGX - Free Report) . Expense ratio: 0.3%. Management fee: 0.26%. Five year annual return: 11.8%. VDIGX is part of the Large Cap Blend section, and these mutual funds most often invest in firms with a market capitalization of $10 billion or more. By investing in bigger companies, these funds offer more stability, and are often well-suited for investors with a "buy and hold" mindset.

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.