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.

Here are the funds that have achieved the Zacks Mutual Fund Rank #1 (Strong Buy) and have low fees.

First Eagle Overseas Fund I (SGOIX): 0.88% expense ratio and 0.75% management fee. SGOIX is a part of the Non US - Equity fund category, many of which will focus across all cap levels, and will typically allocate their investments between emerging and developed markets. SGOIX has achieved five-year annual returns of an astounding 10.1%.

Federated Hermes MDT LC Value R6 (FSTLX Quick QuoteFSTLX - Free Report) . Expense ratio: 0.69%. Management fee: 0.65%. FSTLX 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. This fund has managed to produce a robust 13.82% over the last five years.

American Funds Fundamental Investors R5 (RFNFX) is an attractive large-cap allocation. RFNFX 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. RFNFX has an expense ratio of 0.33%, management fee of 0.24%, and annual returns of 14.98% over the past five years.

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.