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.

If you are looking to diversify your portfolio, consider Franklin Convertible Securities Adviser (FCSZX Quick QuoteFCSZX - Free Report) . 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. This fund is a winner, boasting an expense ratio of 0.58%, management fee of 0.46%, and a five-year annualized return track record of 11.65%.

Ivy Large Cap Growth Y (WLGYX Quick QuoteWLGYX - Free Report) is a stand out amongst its peers. WLGYX 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 five-year annualized performance of 11.58%, expense ratio of 1% and management fee of 0.6%, this diversified fund is an attractive buy with a strong history of performance.

Vanguard Dividend Growth Fund (VDIGX Quick QuoteVDIGX - Free Report) : 0.3% expense ratio and 0.26% management fee. VDIGX 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. The fund is mainly invested in equities, has a long reputation of salutary performance, and has yearly returns of 10.85% over the last 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.