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.

NYLI Epoch Global Equity Yield Inv (EPSIX Quick QuoteEPSIX - Free Report) has a 1.13% expense ratio and 0.7% management fee. EPSIX is a Global - Equity mutual fund. These funds invest in large markets like the U.S., Europe, and Japan, and operate with very few geographical limitations With yearly returns of 13.16% over the last five years, this fund clearly wins.

Franklin Gold & Precious Metals Advisor (FGADX) is a stand out amongst its peers. FGADX is classified as a Sector - Precious Metal fund, and these mutual funds invest in stocks with a focus on the mining and production of precious metals like gold, silver, platinum, and palladium. With five-year annualized performance of 19.12%, expense ratio of 0.58% and management fee of 0.48%, this diversified fund is an attractive buy with a strong history of performance.

Hartford Schroder Intl Multi Val R5 (HFYTX) is an attractive large-cap allocation. HFYTX is a Non US - Equity option, focusing their investments acoss emerging and developed markets, and can often extend across cap levels too. HFYTX has an expense ratio of 0.83%, management fee of 0.7%, and annual returns of 13.48% over the past five years.

We hope that your investment advisor (if you use one) has you invested in one or all of the top-ranked mutual funds we've reviewed. But if that isn't the case, it might be time to have a conversation or reconsider this vitally important relationship.