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.

T. Rowe Price Tax-Efficient Equity (PREFX): 0.82% expense ratio and 0.63% management fee. PREFX 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. With annual returns of 16.24% over the last five years, this fund is a winner.

Goldman Sachs Growth Strategy P (GGPPX Quick QuoteGGPPX - Free Report) : 0.18% expense ratio and 0.15% management fee. GGPPX is an Allocation Balanced mutual fund. Allocation Balanced funds look to invest across asset types, like stocks, bonds, and cash, and including precious metals or commodities is not unusual; these funds are mostly categorized by their respective asset allocation. GGPPX, with annual returns of 12.12% over the last five years, is a well-diversified fund with a long track record of success.

JPMorgan US Value R6 (VGINX): 0.44% expense ratio and 0.4% management fee. VGINX 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. With a five-year annual return of 15.19%, this fund is a well-diversified fund with a long track record of success.

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.