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 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.

Here are the funds that have achieved the Zacks Mutual Fund Rank #1 (Strong Buy) and have low fees.

Davenport Small Cap Focus Fund (DSCPX Quick QuoteDSCPX - Free Report) has a 0.89% expense ratio and 0.75% management fee. DSCPX is a Small Cap Blend mutual fund that usually targets companies with a market capitalization of less than $2 billion. With yearly returns of 9.72% over the last five years, this fund clearly wins.

Janus Henderson Enterprise N (JDMNX Quick QuoteJDMNX - Free Report) . Expense ratio: 0.67%. Management fee: 0.64%. JDMNX is a Mid Cap Growth mutual fund. These funds aim to target companies with a market capitalization between $2 billion and $10 billion that are also expected to exhibit more extensive growth opportunities for investors than their peers. This fund has managed to produce a robust 9.4% over the last five years.

JPMorgan US Equity Fund R5 (JUSRX Quick QuoteJUSRX - Free Report) is an attractive large-cap allocation. JUSRX 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. JUSRX has an expense ratio of 0.54%, management fee of 0.4%, and annual returns of 12.29% over the past five years.

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.