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 take a look at some of our top-ranked mutual funds with the lowest fees.

Alger Capital Appreciation Focus I (ALGRX Quick QuoteALGRX - Free Report) has a 0.91% expense ratio and 0.52% management fee. ALGRX 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 10.25% over the last five years, this fund clearly wins.

Bridgeway Small Cap Value N (BRSVX Quick QuoteBRSVX - Free Report) is a stand out amongst its peers. BRSVX is a Small Cap Value mutual fund option, which typically invest in companies with market caps under $2 billion. With five-year annualized performance of 12.49%, expense ratio of 0.83% and management fee of 0.61%, this diversified fund is an attractive buy with a strong history of performance.

T. Rowe Price New Horizons (PRNHX Quick QuotePRNHX - Free Report) is an attractive large-cap allocation. PRNHX is one of many Small Cap Growth mutual funds; these funds tend to create their portfolios around stocks with market capitalization of less than $2 billion. PRNHX has an expense ratio of 0.8%, management fee of 0.63%, and annual returns of 11.03% 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.