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.

AQR Small Cap Momentum Style N (ASMNX Quick QuoteASMNX - Free Report) : 0.86% expense ratio and 0.45% management fee. ASMNX is a Small Cap Growth mutual fund building their portfolio around stocks with market caps under $2 billion and large growth opportunities. ASMNX has achieved five-year annual returns of an astounding 10.66%.

State Street Institutional US Equity Services (SUSSX Quick QuoteSUSSX - Free Report) . Expense ratio: 0.65%. Management fee: 0.39%. SUSSX is a Large Cap Blend fund, targeting companies with market caps of over $10 billion. These funds offer investors a stability, and are perfect for people with a "buy and hold" mindset. This fund has managed to produce a robust 16.09% over the last five years.

TIAA-CREF Lifestyle Aggressive Growth Retirement (TSARX Quick QuoteTSARX - Free Report) : 0.35% expense ratio and 0.1% management fee. TSARX is a Large Cap Growth mutual fund, and these funds invest in many large U.S. firms that are projected to grow at a faster rate than their large-cap peers. With a five-year annual return of 10.92%, this fund is a well-diversified fund with a long track record of success.

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.