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.

MM Select Equity Asset I (MSEJX Quick QuoteMSEJX - Free Report) : 0.28% expense ratio and 0.18% management fee. MSEJX is a Global - Equity mutual fund, which invests their assets in large markets, leveraging the global economy. With annual returns of 10.98% over the last five years, this fund is a winner.

Principal Capital Appreciation R5 (PCAQX Quick QuotePCAQX - Free Report) : 0.7% expense ratio and 0.44% management fee. PCAQX 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 yearly returns of 11.3% over the last five years, PCAQX 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 Large Cap Growth mutual fund, and these funds invest in many large U.S. firms that are projected to grow at a faster rate than their large-cap peers. VLCGX has an expense ratio of 0.76%, management fee of 0.64%, and annual returns of 13.05% 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.