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 learn about some of Zacks' highest ranked mutual funds with low fees you may want to consider.

American Funds Washington Mutual Investors R5 (RWMFX Quick QuoteRWMFX - Free Report) : 0.31% expense ratio and 0.22% management fee. RWMFX is a part of the Large Cap Value category, and invests in equities with a market capitalization of $10 billion or more, but whose share prices do not reflect their intrinsic value. With annual returns of 11.36% over the last five years, this fund is a winner.

Goldman Sachs Large Cap Growth Insights Service Class (GSCLX Quick QuoteGSCLX - Free Report) : 1.05% expense ratio and 0.5% management fee. GSCLX 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. With yearly returns of 13.16% over the last five years, GSCLX is an effectively diversified fund with a long reputation of solidly positive performance.

Hartford Dividend & Growth R6 (HDGVX Quick QuoteHDGVX - Free Report) : 0.63% expense ratio and 0.6% management fee. HDGVX is part of the Large Cap Blend section, and these mutual funds most often invest in firms with a market capitalization of $10 billion or more. By investing in bigger companies, these funds offer more stability, and are often well-suited for investors with a "buy and hold" mindset. The fund is mainly invested in equities, has a long reputation of salutary performance, and has yearly returns of 11.69% over the last 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.