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.

MFS Mass Investors Growth Stock I (MGTIX Quick QuoteMGTIX - Free Report) : 0.46% expense ratio and 0.33% management fee. MGTIX is a Large Cap Growth option; these mutual funds purchase stakes in numerous large U.S. companies that are expected to develop and grow at a faster rate than other large-cap stocks. With annual returns of 17% over the last five years, this fund is a winner.

Principal Mid Cap A (PEMGX Quick QuotePEMGX - Free Report) is a stand out amongst its peers. PEMGX 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 five-year annualized performance of 15.14%, expense ratio of 0.95% and management fee of 0.58%, this diversified fund is an attractive buy with a strong history of performance.

Queens Road Small Cap Value Fund (QRSVX Quick QuoteQRSVX - Free Report) : 1% expense ratio and 0.66% management fee. QRSVX is a Small Cap Value mutual fund option, which typically invest in companies with market caps under $2 billion. With a five-year annual return of 12.1%, this fund is a well-diversified fund with a long track record of success.

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.