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.

Principal Large Cap Growth I R4 (PPUSX Quick QuotePPUSX - Free Report) : 0.97% expense ratio and 0.6% management fee. PPUSX 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. PPUSX has achieved five-year annual returns of an astounding 12.15%.

Putnam Small Cap Value C (PSLCX Quick QuotePSLCX - Free Report) : 0.97% expense ratio and 0.62% management fee. PSLCX is a Small Cap Value mutual fund, investing in small companies with stock market valuation less than $2 billion. PSLCX, with annual returns of 8.2% over the last five years, is a well-diversified fund with a long track record of success.

State Street Institutional US Equity Services (SUSSX Quick QuoteSUSSX - Free Report) . Expense ratio: 0.65%. Management fee: 0.39%. Five year annual return: 14.12%. SUSSX is classified as a Large Cap Blend fund. More often than not, Large Cap Blend mutual funds invest in companies with a market cap of over $10 billion. Buying stakes in bigger companies offer these funds more stability, and are well-suited for investors with a "buy and hold" mindset.

There you have it. If your financial advisor had you put your money into any of our top-ranked funds, then they've got you covered. If not, you may need to talk.