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.

DFA World Ex US Value Portfolio Institutional (DFWVX): 0.36% expense ratio and 0.32% management fee. DFWVX is a part of the Non US - Equity fund category, many of which will focus across all cap levels, and will typically allocate their investments between emerging and developed markets. DFWVX has achieved five-year annual returns of an astounding 14.51%.

Calamos Growth & Income I (CGIIX Quick QuoteCGIIX - Free Report) : 0.79% expense ratio and 0.68% management fee. CGIIX is an Allocation Balanced mutual fund. Allocation Balanced funds look to invest across asset types, like stocks, bonds, and cash, and including precious metals or commodities is not unusual; these funds are mostly categorized by their respective asset allocation. CGIIX, with annual returns of 11.3% over the last five years, is a well-diversified fund with a long track record of success.

FPA Queens Road SmCap Value Adv (QRSAX): 0.86% expense ratio and 0.66% management fee. QRSAX is a Small Cap Value mutual fund, investing in small companies with stock market valuation less than $2 billion. The fund is mainly invested in equities, has a long reputation of salutary performance, and has yearly returns of 11.08% over the last five years.

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.