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.

Fidelity Select Software & IT Services (FSCSX Quick QuoteFSCSX - Free Report) has a 0.69% expense ratio and 0.53% management fee. With a much more diversified approach, FSCSX--part of the Sector - Tech mutual fund category--gives investors a way to own a stake in the notoriously risky tech sector. With yearly returns of 14.08% over the last five years, this fund clearly wins.

MFS Mass Investors Growth Stock C (MIGDX Quick QuoteMIGDX - Free Report) is a stand out amongst its peers. MIGDX is a Large Cap Growth mutual fund, and these funds invest in many large U.S. firms that are projected to grow at a faster rate than their large-cap peers. With five-year annualized performance of 12.75%, expense ratio of 1.46% and management fee of 0.33%, this diversified fund is an attractive buy with a strong history of performance.

T. Rowe Price Capital Opportunity A (PACOX Quick QuotePACOX - Free Report) . Expense ratio: 0.82%. Management fee: 0.32%. Five year annual return: 11.26%. PACOX 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.

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.