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

If you are looking to diversify your portfolio, consider Fidelity Select Portfolio Medical Technology and Devices (FSMEX Quick QuoteFSMEX - Free Report) . FSMEX is a Sector - Health mutual fund, which give investors an opportunity to focus on healthcare, one of the largest sectors of the American economy. This fund is a winner, boasting an expense ratio of 0.7%, management fee of 0.53%, and a five-year annualized return track record of 10.54%.

MFS Mass Investors Growth Stock A (MIGFX Quick QuoteMIGFX - Free Report) : 0.71% expense ratio and 0.33% management fee. MIGFX 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 14.23% over the last five years, MIGFX is an effectively diversified fund with a long reputation of solidly positive performance.

T. Rowe Price Capital Opportunity R (RRCOX Quick QuoteRRCOX - Free Report) : 1.12% expense ratio and 0.33% management fee. RRCOX is classified as a Large Cap Blend fund. More often than not, Large Cap Blend mutual funds invest in companies with a market cap of over $10 billion. Buying stakes in bigger companies offer these funds more stability, and are well-suited for investors with a "buy and hold" mindset. With a five-year annual return of 11.89%, 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.