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.

American Century Small Cap Value Institutional (ACVIX Quick QuoteACVIX - Free Report) : 0.89% expense ratio and 0.88% management fee. ACVIX is a Small Cap Value mutual fund option, which typically invest in companies with market caps under $2 billion. With annual returns of 10.77% over the last five years, this fund is a winner.

MassMutual Select Small Cap Growth Equity A (MMGEX Quick QuoteMMGEX - Free Report) is a stand out amongst its peers. MMGEX is a Small Cap Growth mutual fund and tends to feature small companies in up-and-coming industries and markets. With five-year annualized performance of 9.14%, expense ratio of 1.42% and management fee of 0.8%, this diversified fund is an attractive buy with a strong history of performance.

SEI AA Trust - Market Growth Strategy Allocation F (SGOAX Quick QuoteSGOAX - Free Report) is an attractive large-cap allocation. SGOAX 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. SGOAX has an expense ratio of 0.35%, management fee of 0.1%, and annual returns of 9.16% over the past five years.

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.