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.

Here are the funds that have achieved the Zacks Mutual Fund Rank #1 (Strong Buy) and have low fees.

American Funds Mutual Fund R5 (RMFFX Quick QuoteRMFFX - Free Report) : 0.32% expense ratio and 0.23% management fee. RMFFX 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 annual returns of 10.12% over the last five years, this fund is a winner.

Invesco Growth and Income A (ACGIX Quick QuoteACGIX - Free Report) : 0.79% expense ratio and 0.36% management fee. ACGIX is part of the Large Cap Blend section, and these mutual funds most often invest in firms with a market capitalization of $10 billion or more. By investing in bigger companies, these funds offer more stability, and are often well-suited for investors with a "buy and hold" mindset. ACGIX, with annual returns of 10.16% over the last five years, is a well-diversified fund with a long track record of success.

PIMCO RAE US Small A (PMJAX Quick QuotePMJAX - Free Report) . Expense ratio: 0.9%. Management fee: 0.65%. Five year annual return: 13.1%. PMJAX is a Small Cap Value fund, and these funds are known for investing in companies with market caps under $2 billion.

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.