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.

Fidelity Advisor New Insights A (FNIAX Quick QuoteFNIAX - Free Report) : 0.9% expense ratio and 0.64% management fee. FNIAX is a Large Cap Growth mutual fund, and these funds invest in many large U.S. firms that are projected to grow at a faster rate than their large-cap peers. FNIAX has achieved five-year annual returns of an astounding 17.36%.

MassMutual Select Diversified Value Service (MDVYX): 0.77% expense ratio and 0.5% management fee. MDVYX 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 15.33% over the last five years, MDVYX is an effectively diversified fund with a long reputation of solidly positive performance.

Franklin MultiAsset Growth A (SCHAX) is an attractive large-cap allocation. SCHAX is classified as an Allocation Balanced fund, which seeks to invest in a balance of asset types, like stocks, bonds, and cash, and including precious metals or commodities is not unusual. SCHAX has an expense ratio of 0.4%, management fee of 0%, and annual returns of 12.21% over the past 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.