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.

Principal Capital Appreciation R3 (PCAOX) has a 0.99% expense ratio and 0.41% management fee. PCAOX 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 yearly returns of 12.42% over the last five years, this fund clearly wins.

Federated Hermes MDT LC Value R (QRLVX) is a stand out amongst its peers. QRLVX is a part of the Large Cap Value category, and invests in equities with a market capitalization of $10 billion or more, but whose share prices do not reflect their intrinsic value. With five-year annualized performance of 13.19%, expense ratio of 1.43% and management fee of 0.65%, this diversified fund is an attractive buy with a strong history of performance.

Fidelity Adv Global Commod Stk Z (FIQRX Quick QuoteFIQRX - Free Report) : 0.76% expense ratio and 0.73% management fee. FIQRX is a Global - Equity mutual fund, which invests their assets in large markets, leveraging the global economy. With a five-year annual return of 15.06%, 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.