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.

Goldman Sachs Large Cap Growth Insights R (GLCRX): 1.16% expense ratio and 0.5% management fee. GLCRX 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. With annual returns of 13.2% over the last five years, this fund is a winner.

Heartland Value Fund Investor (HRTVX): 1.09% expense ratio and 0.75% management fee. HRTVX is a Small Cap Value mutual fund option, which typically invest in companies with market caps under $2 billion. HRTVX, with annual returns of 11.4% over the last five years, is a well-diversified fund with a long track record of success.

Fidelity Equity Dividend Income K (FETKX Quick QuoteFETKX - Free Report) : 0.46% expense ratio and 0.45% management fee. FETKX 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 a five-year annual return of 9.82%, 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.