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 break down some of the mutual funds with the top Zacks Mutual Fund Rank and the lowest fees.

American Funds New Economy F2 (NEFFX): 0.52% expense ratio and 0.37% management fee. NEFFX is a Global - Equity mutual fund. These funds invest in large markets like the U.S., Europe, and Japan, and operate with very few geographical limitations NEFFX has achieved five-year annual returns of an astounding 10.75%.

Virtus Silvant Focused Growth Inst (PGFIX): 0.67% expense ratio and 0.45% management fee. PGFIX 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. PGFIX, with annual returns of 15.33% over the last five years, is a well-diversified fund with a long track record of success.

Bridgeway Small Cap Value N (BRSVX Quick QuoteBRSVX - Free Report) : 0.9% expense ratio and 0.64% management fee. BRSVX is a Small Cap Value mutual fund, investing in small companies with stock market valuation less than $2 billion. With a five-year annual return of 14.08%, 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.