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

Oakmark Select Institutional (OANLX): 0.76% expense ratio and 0.71% management fee. OANLX 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. With annual returns of 14.51% over the last five years, this fund is a winner.

Federated MDT Small Cap Core Fund A (QASCX): 1.13% expense ratio and 0.75% management fee. QASCX is a Small Cap Blend mutual fund, allowing investors a way to diversify their funds among various types of small-cap stocks. With yearly returns of 11.53% over the last five years, QASCX is an effectively diversified fund with a long reputation of solidly positive performance.

Fidelity Advisor New Insights Z (FZANX Quick QuoteFZANX - Free Report) is an attractive large-cap allocation. FZANX 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. FZANX has an expense ratio of 0.72%, management fee of 0.52%, and annual returns of 15.8% over the past 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.