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.

Let's take a look at some of our top-ranked mutual funds with the lowest fees.

Fidelity Series Canada (FCNSX Quick QuoteFCNSX - Free Report) has a 0.01% expense ratio and 0% management fee. FCNSX is a Non US - Equity option, focusing their investments acoss emerging and developed markets, and can often extend across cap levels too. With yearly returns of 9.64% over the last five years, this fund clearly wins.

Putnam Multi-Cap Value Fund R (PMVRX Quick QuotePMVRX - Free Report) : 0.66% expense ratio and 0.55% management fee. PMVRX is a Mid Cap Value fund, which usually invests in companies with a stock market valuation between $2 billion and $10 billion. With yearly returns of 8.78% over the last five years, PMVRX is an effectively diversified fund with a long reputation of solidly positive performance.

Goldman Sachs US Equity Dividend & Premier IR (GVIRX Quick QuoteGVIRX - Free Report) is an attractive large-cap allocation. GVIRX is a part of the Large Cap Value category, and invests in equities with a market capitalization of $10 billion or more, but whose share prices do not reflect their intrinsic value. GVIRX has an expense ratio of 0.77%, management fee of 0.7%, and annual returns of 10.41% over the past 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.