It is never too late to invest in mutual funds for retirement. As such, if you plan to invest in some of the best funds, the Zacks Mutual Fund Rank can provide you with valuable guidance.

The easiest way to judge a mutual fund's quality over time is by analyzing its performance, diversification, and fees. Using the Zacks Mutual Fund Rank of over 19,000 mutual funds, we've identified three outstanding mutual funds that are ideally suited to help long-term investors pursue and achieve their retirement investing goals.

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 DFA US Large Company I (DFUSX Quick QuoteDFUSX - Free Report) . DFUSX is part of the Large Cap Blend section, and these mutual funds most often invest in firms with a market capitalization of $10 billion or more. By investing in bigger companies, these funds offer more stability, and are often well-suited for investors with a "buy and hold" mindset. This fund is a winner, boasting an expense ratio of 0.08%, management fee of 0.06%, and a five-year annualized return track record of 10.95%.

Ivy Large Cap Growth R (WLGRX Quick QuoteWLGRX - Free Report) : 1.3% expense ratio and 0.6% management fee. WLGRX 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 yearly returns of 13.22% over the last five years, WLGRX is an effectively diversified fund with a long reputation of solidly positive performance.

Federated MDT Mid Cap Growth Institutional (FGSIX Quick QuoteFGSIX - Free Report) . Expense ratio: 0.84%. Management fee: 0.75%. Five year annual return: 9.32%. FGSIX is a Mid Cap Growth mutual fund. These mutual funds choose companies with a stock market valuation between $2 billion and $10 billion.

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.