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

AB Equity Income R (AUIRX Quick QuoteAUIRX - Free Report) : 1.42% expense ratio and 0.55% management fee. AUIRX is a Large Cap Value fund. These funds invest in stocks with a market cap of $10 billion of more, but whose share prices do not reflect their intrinsic value. AUIRX has achieved five-year annual returns of an astounding 10.64%.

BlackRock 80/20 Target Allocation I (BIAPX Quick QuoteBIAPX - Free Report) : 0.1% expense ratio and 0% management fee. BIAPX is classified as a Large Cap Blend fund. More often than not, Large Cap Blend mutual funds invest in companies with a market cap of over $10 billion. Buying stakes in bigger companies offer these funds more stability, and are well-suited for investors with a "buy and hold" mindset. With yearly returns of 10.03% over the last five years, BIAPX is an effectively diversified fund with a long reputation of solidly positive performance.

AMG Yacktman I (YACKX Quick QuoteYACKX - Free Report) : 0.7% expense ratio and 0.43% management fee. YACKX is an All Cap Value mutual fund, which invests in small, medium, and large-cap companies, though they end up focusing on bigger firms due to percentage of assets. The fund is mainly invested in equities, has a long reputation of salutary performance, and has yearly returns of 10.5% 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.