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.

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

Eaton Vance Tax-Managed Growth 1.1 I (EITMX Quick QuoteEITMX - Free Report) has a 0.49% expense ratio and 0.41% management fee. EITMX 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 10.91% over the last five years, this fund clearly wins.

Fidelity Select Health Care (FSPHX Quick QuoteFSPHX - Free Report) is a stand out amongst its peers. FSPHX is a Sector - Health mutual fund, which give investors an opportunity to focus on healthcare, one of the largest sectors of the American economy. With five-year annualized performance of 10.52%, expense ratio of 0.68% and management fee of 0.53%, this diversified fund is an attractive buy with a strong history of performance.

TIAA-CREF Socl Choice Equity Retail (TICRX Quick QuoteTICRX - Free Report) . Expense ratio: 0.41%. Management fee: 0.15%. Five year annual return: 10.17%. TICRX 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.

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.