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 break down some of the mutual funds with the top Zacks Mutual Fund Rank and the lowest fees.

Columbia Dividend Income I3 (CDDYX Quick QuoteCDDYX - Free Report) has a 0.55% expense ratio and 0.53% management fee. CDDYX is a Large Cap Value fund. These funds invest in stocks with a market cap of $10 billion of more, but whose share prices do not reflect their intrinsic value. With yearly returns of 10.72% over the last five years, this fund clearly wins.

MassMutual Premier Disciplined Growth Admiral (MPGLX Quick QuoteMPGLX - Free Report) . Expense ratio: 0.86%. Management fee: 0.45%. MPGLX 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. This fund has managed to produce a robust 12.02% over the last five years.

T. Rowe Price Capital Opportunity R (RRCOX Quick QuoteRRCOX - Free Report) : 1.14% expense ratio and 0.32% management fee. RRCOX 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. With a five-year annual return of 11.2%, this fund is a well-diversified fund with a long track record of success.

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.