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 learn about some of Zacks' highest ranked mutual funds with low fees you may want to consider.

Fidelity Series Opportunistic Insights (FVWSX Quick QuoteFVWSX - Free Report) has a 0.27% expense ratio and 0% management fee. FVWSX is a part of the Large Cap Growth mutual fund category, which invest in many large U.S. companies that are expected to grow much faster compared to other large-cap stocks. With yearly returns of 14.46% over the last five years, this fund clearly wins.

DFA US Small Cap Value I (DFSVX Quick QuoteDFSVX - Free Report) : 0.31% expense ratio and 0.28% management fee. DFSVX is a Small Cap Value fund, and these funds are known for investing in companies with market caps under $2 billion. With yearly returns of 10.56% over the last five years, DFSVX is an effectively diversified fund with a long reputation of solidly positive performance.

Dreyfus Strategic Value Y (DRGYX Quick QuoteDRGYX - Free Report) : 0.63% expense ratio and 0.6% management fee. DRGYX is a Large Cap Value fund. These funds invest 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 13.29% 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.