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 Tax Managed Equity I (GCTIX): 0.69% expense ratio and 0.63% management fee. GCTIX 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. GCTIX has achieved five-year annual returns of an astounding 11.48%.

Fidelity Advisor Gold M (FGDTX Quick QuoteFGDTX - Free Report) . Expense ratio: 1.19%. Management fee: 0.67%. FGDTX is a Sector - Precious Metal mutual fund, typically investing in companies that are involved in the mining and production of precious metals like gold, silver, platinum, and palladium. This fund has managed to produce a robust 14.95% over the last five years.

Lord Abbett Growth Leaders F (LGLFX): 0.64% expense ratio and 0.51% management fee. LGLFX 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. With a five-year annual return of 10.26%, this fund is a well-diversified fund with a long track record of success.

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.