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.

Here are the funds that have achieved the Zacks Mutual Fund Rank #1 (Strong Buy) and have low fees.

BlackRock Long-Horizon Equity A (MDEGX Quick QuoteMDEGX - Free Report) : 1.2% expense ratio and 0.8% management fee. MDEGX is a Global - Equity mutual fund. These funds invest in large markets like the U.S., Europe, and Japan, and operate with very few geographical limitations. With annual returns of 11.28% over the last five years, this fund is a winner.

Loomis Sayles Growth Fund Y (LSGRX Quick QuoteLSGRX - Free Report) . Expense ratio: 0.68%. Management fee: 0.5%. LSGRX 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. This fund has managed to produce a robust 13.3% over the last five years.

Oak Ridge Dividend Growth I (ORDNX Quick QuoteORDNX - Free Report) . Expense ratio: 0.97%. Management fee: 0.75%. Five year annual return: 9.7%. ORDNX 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.

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.