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.

Fidelity Puritan Fund (FPURX Quick QuoteFPURX - Free Report) : 0.5% expense ratio and 0.38% management fee. FPURX is an Allocation Balanced mutual fund. Allocation Balanced funds look to invest across asset types, like stocks, bonds, and cash, and including precious metals or commodities is not unusual; these funds are mostly categorized by their respective asset allocation. FPURX has achieved five-year annual returns of an astounding 10.74%.

AB Value A (ABVAX Quick QuoteABVAX - Free Report) : 0.96% expense ratio and 0.55% management fee. ABVAX 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 yearly returns of 9.32% over the last five years, ABVAX is an effectively diversified fund with a long reputation of solidly positive performance.

MainStay Large Cap Growth R3 (MLGRX Quick QuoteMLGRX - Free Report) : 1.33% expense ratio and 0.61% management fee. MLGRX 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 a five-year annual return of 15.82%, this fund is a well-diversified fund with a long track record of success.

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.