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 easiest, most reliable way to judge a mutual fund's quality over time is by analyzing its performance, diversification, and fees. The Zacks Mutual Fund Rank, which covers over 19,000 mutual funds, has helped us identify three outstanding options that are perfect for any long-term investors' portfolios that is retirement-focused.

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

Franklin Small-Mid Cap Growth A (FRSGX Quick QuoteFRSGX - Free Report) : 0.85% expense ratio and 0.46% management fee. FRSGX is a Small Cap Growth mutual fund building their portfolio around stocks with market caps under $2 billion and large growth opportunities. FRSGX has achieved five-year annual returns of an astounding 11.11%.

Hotchkis and Wiley Global Value I (HWGIX Quick QuoteHWGIX - Free Report) is a stand out amongst its peers. HWGIX is a Global - Equity mutual fund, which invests their assets in large markets, leveraging the global economy. With five-year annualized performance of 9.57%, expense ratio of 0.95% and management fee of 0.75%, this diversified fund is an attractive buy with a strong history of performance.

Parnassus Investor (PARNX Quick QuotePARNX - Free Report) : 0.8% expense ratio and 0.62% management fee. PARNX 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. The fund is mainly invested in equities, has a long reputation of salutary performance, and has yearly returns of 8.23% over the last 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.