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.

Let's break down some of the mutual funds with the top Zacks Mutual Fund Rank and the lowest fees.

American Funds New Economy 529E (CNGEX Quick QuoteCNGEX - Free Report) : 1.01% expense ratio and 0.36% management fee. CNGEX 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 CNGEX has achieved five-year annual returns of an astounding 11.53%.

Goldman Sachs SmCap Val Insights P (GSXPX): 0.83% expense ratio and 0.8% management fee. GSXPX is a Small Cap Value mutual fund, investing in small companies with stock market valuation less than $2 billion. With yearly returns of 11.23% over the last five years, GSXPX is an effectively diversified fund with a long reputation of solidly positive performance.

Voya LargeCap Growth R (VGORX): 1.15% expense ratio and 0.51% management fee. VGORX 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. The fund is mainly invested in equities, has a long reputation of salutary performance, and has yearly returns of 9.23% 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.