Investing in mutual funds for retirement is never too late. And the Zacks Mutual Fund Rank can be an excellent tool for investors looking to invest in the best funds.

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.

Invesco Technology R6 (FTPSX): 0.64% expense ratio and 0.6% management fee. With a much more diversified approach, FTPSX--part of the Sector - Tech mutual fund category--gives investors a way to own a stake in the notoriously risky tech sector. With annual returns of 13.74% over the last five years, this fund is a winner.

Payson Total Return Fund (PBFDX) is a stand out amongst its peers. PBFDX 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. With five-year annualized performance of 13.73%, expense ratio of 0.8% and management fee of 0.6%, this diversified fund is an attractive buy with a strong history of performance.

Alger Growth & Income Fund Z (AGIZX Quick QuoteAGIZX - Free Report) : 0.62% expense ratio and 0.5% management fee. AGIZX 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. The fund is mainly invested in equities, has a long reputation of salutary performance, and has yearly returns of 14.74% 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.