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 learn about some of Zacks' highest ranked mutual funds with low fees you may want to consider.

Columbia Dividend Income Fund R5 (CDDRX Quick QuoteCDDRX - Free Report) has a 0.6% expense ratio and 0.53% management fee. CDDRX is a part of the Large Cap Value category, and invests in equities with a market capitalization of $10 billion or more, but whose share prices do not reflect their intrinsic value. With yearly returns of 10.65% over the last five years, this fund clearly wins.

JPMorgan Mid Cap Growth Fund R6 (JMGMX Quick QuoteJMGMX - Free Report) is a stand out amongst its peers. JMGMX is a Mid Cap Growth mutual fund. These mutual funds choose companies with a stock market valuation between $2 billion and $10 billion. With five-year annualized performance of 10.68%, expense ratio of 0.7% and management fee of 0.65%, this diversified fund is an attractive buy with a strong history of performance.

William Blair Large Cap Growth N (LCGNX Quick QuoteLCGNX - Free Report) . Expense ratio: 0.9%. Management fee: 0.6%. Five year annual return: 12.47%. LCGNX 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.

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.