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.

FMI Common Stock Institutional (FMIUX Quick QuoteFMIUX - Free Report) : 0.88% expense ratio and 0.82% management fee. FMIUX 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. FMIUX has achieved five-year annual returns of an astounding 10.38%.

Fidelity Select Software & IT Services (FSCSX Quick QuoteFSCSX - Free Report) is a stand out amongst its peers. FSCSX is a Sector - Tech mutual fund, allowing investors to own a stake in a notoriously volatile sector with a much more diversified approach. With five-year annualized performance of 14.09%, expense ratio of 0.69% and management fee of 0.53%, this diversified fund is an attractive buy with a strong history of performance.

T. Rowe Price Diversified Mid-Cap Growth (PRDMX Quick QuotePRDMX - Free Report) : 0.86% expense ratio and 0.64% management fee. PRDMX 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. With a five-year annual return of 8.62%, this fund is a well-diversified fund with a long track record of success.

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.