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.

American Funds Washington Mutual Investors 529A

(CWMAX Quick QuoteCWMAX - Free Report) has a 0.61% expense ratio and 0.22% management fee. CWMAX 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. With yearly returns of 11.93% over the last five years, this fund clearly wins.

Heartland Value Fund Investor

(HRTVX Quick QuoteHRTVX - Free Report) : 1.13% expense ratio and 0.75% management fee. HRTVX is a Small Cap Value mutual fund option, which typically invest in companies with market caps under $2 billion. HRTVX, with annual returns of 10.94% over the last five years, is a well-diversified fund with a long track record of success.

T. Rowe Price Capital Appreciation Fund

(PRWCX Quick QuotePRWCX - Free Report) : 0.7% expense ratio and 0.59% management fee. PRWCX is categorized as an All Cap Value fund, and like the name suggests, invests across the cap spectrum in small-cap, mid-cap, and large-cap companies. The fund is mainly invested in equities, has a long reputation of salutary performance, and has yearly returns of 10.55% over the last five years.

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.