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.

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

Fidelity Advisor Diversified Stock A (FDTOX Quick QuoteFDTOX - Free Report) : 0.79% expense ratio and 0.4% management fee. FDTOX 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. With annual returns of 11.74% over the last five years, this fund is a winner.

Hennessy Cornerstone Mid Cap 30 Institutional (HIMDX Quick QuoteHIMDX - Free Report) : 1% expense ratio and 0.74% management fee. HIMDX is a Mid Cap Blend mutual fund, and usually features a portfolio with stocks of various styles and sizes, allowing for diversification within a strategy that focuses on mid cap companies. With yearly returns of 12.11% over the last five years, HIMDX is an effectively diversified fund with a long reputation of solidly positive performance.

Janus Henderson Enterprise I (JMGRX Quick QuoteJMGRX - Free Report) : 0.77% expense ratio and 0.64% management fee. JMGRX is a Mid Cap Growth mutual fund. Mid Cap Growth funds pick stocks--usually companies with a market cap between $2 billion and $10 billion--that demonstrate extensive growth opportunities for investors compared to their peers. With a five-year annual return of 10.88%, this fund is a well-diversified fund with a long track record of success.

We hope that your investment advisor (if you use one) has you invested in one or all of the top-ranked mutual funds we've reviewed. But if that isn't the case, it might be time to have a conversation or reconsider this vitally important relationship.