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.

If you are looking to diversify your portfolio, consider American Funds Fundamentl Investors F2 (FINFX). FINFX is classified as a Large Cap Blend fund. More often than not, Large Cap Blend mutual funds invest in companies with a market cap of over $10 billion. Buying stakes in bigger companies offer these funds more stability, and are well-suited for investors with a "buy and hold" mindset. This fund is a winner, boasting an expense ratio of 0.39%, management fee of 0.24%, and a five-year annualized return track record of 13.79%.

Alger Focus Equity Z (ALZFX Quick QuoteALZFX - Free Report) . Expense ratio: 0.62%. Management fee: 0.52%. ALZFX 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. This fund has managed to produce a robust 17.83% over the last five years.

Sterling Capital SmallCap Value A (STSNX): 1.31% expense ratio and 0.75% management fee. STSNX is a Small Cap Value mutual fund option, which typically invest in companies with market caps under $2 billion. With a five-year annual return of 9.67%, 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.