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 break down some of the mutual funds with the top Zacks Mutual Fund Rank and the lowest fees.

American Century Large Company Value Investor (ALVIX Quick QuoteALVIX - Free Report) : 0.84% expense ratio and 0.83% management fee. ALVIX is a Large Cap Value mutual fund, which invests in stocks with a market cap of $10 billion of more, but whose share prices do not reflect their intrinsic value. With annual returns of 10.93% over the last five years, this fund is a winner.

Goldman Sachs Small Cap Value Insights IR (GTTTX Quick QuoteGTTTX - Free Report) : 0.96% expense ratio and 0.8% management fee. GTTTX is a Small Cap Value fund, and these funds are known for investing in companies with market caps under $2 billion. GTTTX, with annual returns of 10.79% over the last five years, is a well-diversified fund with a long track record of success.

JPMorgan Small Cap Growth Fund R6 (JGSMX Quick QuoteJGSMX - Free Report) . Expense ratio: 0.74%. Management fee: 0.65%. Five year annual return: 10.1%. JGSMX is one of many Small Cap Growth mutual funds; these funds tend to create their portfolios around stocks with market capitalization of less than $2 billion.

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.