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 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.

DFA World Core Equity Institutional (DREIX Quick QuoteDREIX - Free Report) : 0.27% expense ratio and 0.22% management fee. DREIX is a Global - Equity mutual fund investing in bigger markets like the U.S., Europe, and Japan; these kinds of funds aren't limited by geography. With annual returns of 11.16% over the last five years, this fund is a winner.

Fidelity Advisor Series Equity Growth (FMFMX Quick QuoteFMFMX - Free Report) . Expense ratio: 0.01%. Management fee: 0%. FMFMX 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. This fund has managed to produce a robust 20.34% over the last five years.

John Hancock Disciplined Value R4 (JDVFX Quick QuoteJDVFX - Free Report) : 0.9% expense ratio and 0.61% management fee. JDVFX 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. The fund is mainly invested in equities, has a long reputation of salutary performance, and has yearly returns of 12.35% over the last five years.

We hope that your investment advisor (if you use one) has you invested in one or all of the top-ranked mutual funds we've reviewed. But if that isn't the case, it might be time to have a conversation or reconsider this vitally important relationship.