Investing in mutual funds for retirement is never too late. And the Zacks Mutual Fund Rank can be an excellent tool for investors looking to invest in the best funds.

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 learn about some of Zacks' highest ranked mutual funds with low fees you may want to consider.

Davenport Small Cap Focus Fund (DSCPX Quick QuoteDSCPX - Free Report) has a 0.88% expense ratio and 0.75% management fee. DSCPX is a Small Cap Blend mutual fund, allowing investors a way to diversify their funds among various types of small-cap stocks. With yearly returns of 17.09% over the last five years, this fund clearly wins.

Fidelity Puritan Fund K (FPUKX Quick QuoteFPUKX - Free Report) . Expense ratio: 0.42%. Management fee: 0.38%. FPUKX is classified as an Allocation Balanced fund, which seeks to invest in a balance of asset types, like stocks, bonds, and cash, and including precious metals or commodities is not unusual. This fund has managed to produce a robust 11.67% over the last five years.

State Street Institutional US Equity Services (SUSSX Quick QuoteSUSSX - Free Report) : 0.65% expense ratio and 0.37% management fee. SUSSX 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. The fund is mainly invested in equities, has a long reputation of salutary performance, and has yearly returns of 16.3% over the last 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.