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.

Ivy Mid Cap Growth Y (WMGYX Quick QuoteWMGYX - Free Report) has a 1.13% expense ratio and 0.77% management fee. WMGYX is a Mid Cap Growth mutual fund. These funds aim to target companies with a market capitalization between $2 billion and $10 billion that are also expected to exhibit more extensive growth opportunities for investors than their peers. With yearly returns of 13.52% over the last five years, this fund clearly wins.

AB Lg Cap Growth A (APGAX Quick QuoteAPGAX - Free Report) : 0.81% expense ratio and 0.48% management fee. APGAX is a part of the Large Cap Growth mutual fund category, which invest in many large U.S. companies that are expected to grow much faster compared to other large-cap stocks. With yearly returns of 13.63% over the last five years, APGAX is an effectively diversified fund with a long reputation of solidly positive performance.

T. Rowe Price Dividend Growth Fund (PRDGX Quick QuotePRDGX - Free Report) . Expense ratio: 0.64%. Management fee: 0.48%. Five year annual return: 11.93%. PRDGX 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.

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.