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.

PIMCO CommoditiesPlus Strategy A (PCLAX Quick QuotePCLAX - Free Report) : 1.18% expense ratio and 0.94% management fee. PCLAX is classified as a Diversified Bonds fund, which offers exposure to a wide variety of fixed income types, stretching across various issuers, credit levels, and maturities. With annual returns of 11.83% over the last five years, this fund is a winner.

Janus Henderson Contrarian D (JACNX Quick QuoteJACNX - Free Report) . Expense ratio: 0.76%. Management fee: 0.6%. JACNX 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. This fund has managed to produce a robust 14.13% over the last five years.

Wells Fargo Special Mid Cap Value Institutional (WFMIX Quick QuoteWFMIX - Free Report) : 0.8% expense ratio and 0.66% management fee. WFMIX is a Mid Cap Value mutual funds that aims to target medium-sized companies that possess strong value and income opportunities for investors. The fund is mainly invested in equities, has a long reputation of salutary performance, and has yearly returns of 12.09% 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.