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 take a look at some of our top-ranked mutual funds with the lowest fees.

If you are looking to diversify your portfolio, consider AB Large Cap Growth I (ALLIX Quick QuoteALLIX - Free Report) . ALLIX 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. This fund is a winner, boasting an expense ratio of 0.6%, management fee of 0.48%, and a five-year annualized return track record of 11.15%.

Fidelity Advisor Convertible Security Institutional (FICVX Quick QuoteFICVX - Free Report) . Expense ratio: 0.75%. Management fee: 0.55%. FICVX 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 has managed to produce a robust 11.26% over the last five years.

Neuberger Berman Guardian Adviser (NBGUX Quick QuoteNBGUX - Free Report) . Expense ratio: 1.17%. Management fee: 0.88%. Five year annual return: 10.31%. NBGUX 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.

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.