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.

EValuator Aggressive RMS R4 (EVFGX Quick QuoteEVFGX - Free Report) : 0.97% expense ratio and 0.45% management fee. EVFGX is a Large Cap Growth option; these mutual funds purchase stakes in numerous large U.S. companies that are expected to develop and grow at a faster rate than other large-cap stocks. EVFGX has achieved five-year annual returns of an astounding 8.47%.

JPMorgan Value Advantage I (JVASX): 0.75% expense ratio and 0.5% management fee. JVASX 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 12.23% over the last five years, JVASX is an effectively diversified fund with a long reputation of solidly positive performance.

WCM Focused Intl Equity Investor (WLIVX): 1.11% expense ratio and 0.85% management fee. WLIVX is a Non US - Equity fund. Many of these funds like to allocate across emerging and developed markets, and will often focus on all cap levels. The fund is mainly invested in equities, has a long reputation of salutary performance, and has yearly returns of 10.97% over the last five years.

These examples highlight the fact that there are some astonishingly good mutual funds out there. If your advisor has you in the good ones, bravo! If not, you may need to have a talk.