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.

Here are the funds that have achieved the Zacks Mutual Fund Rank #1 (Strong Buy) and have low fees.

Principal Large Cap Growth I R3 (PPUMX Quick QuotePPUMX - Free Report) : 1.16% expense ratio and 0.6% management fee. PPUMX 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 annual returns of 13.82% over the last five years, this fund is a winner.

Fidelity Select Semiconductors (FSELX Quick QuoteFSELX - Free Report) : 0.68% expense ratio and 0.53% management fee. FSELX is a Sector - Tech mutual fund, allowing investors to own a stake in a notoriously volatile sector with a much more diversified approach. FSELX, with annual returns of 35.82% over the last five years, is a well-diversified fund with a long track record of success.

AQR Long-Short Equity Fund I (QLEIX Quick QuoteQLEIX - Free Report) is an attractive large-cap allocation. QLEIX is a Long Short - Equity option. These funds' investment strategy consists of minimizing overall market exposure, while at the same time taking long positions in equities that are expected to appreciate and short positions in equities that are projected to decline. QLEIX has an expense ratio of 1.3%, management fee of 1.1%, and annual returns of 13.32% 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.