Investing in mutual funds for retirement is never too late. And the Zacks Mutual Fund Rank can be an excellent tool for investors looking to invest in the best funds.

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.

If you are looking to diversify your portfolio, consider Century Small Cap Select Investor (CSMVX Quick QuoteCSMVX - Free Report) . CSMVX is a Small Cap Growth mutual fund and tends to feature small companies in up-and-coming industries and markets. This fund is a winner, boasting an expense ratio of 1.25%, management fee of 0.85%, and a five-year annualized return track record of 12.91%.

Fidelity Select Semiconductors (FSELX Quick QuoteFSELX - Free Report) : 0.67% expense ratio and 0.53% management fee. With a much more diversified approach, FSELX--part of the Sector - Tech mutual fund category--gives investors a way to own a stake in the notoriously risky tech sector. With yearly returns of 17.07% over the last five years, FSELX is an effectively diversified fund with a long reputation of solidly positive performance.

VALIC Company I Large Cap Growth Fund (VLCGX Quick QuoteVLCGX - Free Report) is an attractive large-cap allocation. VLCGX 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. VLCGX has an expense ratio of 0.74%, management fee of 0.64%, and annual returns of 11.57% over the past five years.

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.