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.

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

Northern Large Cap Core (NOLCX): 0.45% expense ratio and 0.44% management fee. NOLCX is part of the Large Cap Blend section, and these mutual funds most often invest in firms with a market capitalization of $10 billion or more. By investing in bigger companies, these funds offer more stability, and are often well-suited for investors with a "buy and hold" mindset. With annual returns of 17.25% over the last five years, this fund is a winner.

MFS Low Volatility Global Equity I (MVGIX Quick QuoteMVGIX - Free Report) : 0.74% expense ratio and 0.55% management fee. MVGIX is a Global - Equity mutual fund investing in bigger markets like the U.S., Europe, and Japan; these kinds of funds aren't limited by geography. MVGIX, with annual returns of 10.57% over the last five years, is a well-diversified fund with a long track record of success.

American Funds Income Fund of America R3 (RIDCX): 0.9% expense ratio and 0.23% management fee. RIDCX 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. The fund is mainly invested in equities, has a long reputation of salutary performance, and has yearly returns of 9.08% over the last 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.