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 OTC Portfolio K (FOCKX Quick QuoteFOCKX - Free Report) has a 0.73% expense ratio and 0.68% management fee. FOCKX 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. With yearly returns of 11.01% over the last five years, this fund clearly wins.

GMO Quality III (GQETX Quick QuoteGQETX - Free Report) : 0.49% expense ratio and 0.48% management fee. GQETX is classified as a Large Cap Blend fund. More often than not, Large Cap Blend mutual funds invest in companies with a market cap of over $10 billion. Buying stakes in bigger companies offer these funds more stability, and are well-suited for investors with a "buy and hold" mindset. GQETX, with annual returns of 10.89% over the last five years, is a well-diversified fund with a long track record of success.

Neuberger Berman Guardian Institutional (NGDLX Quick QuoteNGDLX - Free Report) . Expense ratio: 0.68%. Management fee: 0.63%. Five year annual return: 10.72%. NGDLX is a Large Cap Value mutual fund, which invests in stocks with a market cap of $10 billion of more, but whose share prices do not reflect their intrinsic value.

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.