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.

Eaton Vance Atlanta Cap Focus Growth I (EILGX Quick QuoteEILGX - Free Report) : 0.78% expense ratio and 0.65% management fee. EILGX 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. EILGX has achieved five-year annual returns of an astounding 14.26%.

Fidelity Select Pharmaceuticals (FPHAX Quick QuoteFPHAX - Free Report) : 0.75% expense ratio and 0.52% management fee. FPHAX is part of the Sector - Health category, offering investors a focus on the healthcare industry, one of the largest sectors in the American economy. With yearly returns of 9.97% over the last five years, FPHAX is an effectively diversified fund with a long reputation of solidly positive performance.

Franklin Convertible Securities A (FISCX Quick QuoteFISCX - Free Report) . Expense ratio: 0.83%. Management fee: 0.46%. Five year annual return: 11.36%. FISCX 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.

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.