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 take a look at some of our top-ranked mutual funds with the lowest fees.

T. Rowe Price Financial Services (PRISX) has a 0.83% expense ratio and 0.63% management fee. PRISX is a Sector - Finance mutual fund option, which provide investors with a diversified and stabilized investment approach focused on the financial space, which is a notoriously large, complex, and heavily-regulated industry. With yearly returns of 12.81% over the last five years, this fund clearly wins.

Goldman Sachs International Equity Insights A (GCIAX): 1.12% expense ratio and 0.75% management fee. GCIAX is a Non US - Equity option, focusing their investments acoss emerging and developed markets, and can often extend across cap levels too. With yearly returns of 11.24% over the last five years, GCIAX is an effectively diversified fund with a long reputation of solidly positive performance.

Calamos Timpani Small Growth I (CTSIX Quick QuoteCTSIX - Free Report) is an attractive large-cap allocation. CTSIX is a Small Cap Growth mutual fund and tends to feature small companies in up-and-coming industries and markets. CTSIX has an expense ratio of 1.04%, management fee of 0.9%, and annual returns of 7.69% over the past 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.