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.

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

Brown Advisory Flexible Equity Investor (BIAFX Quick QuoteBIAFX - Free Report) : 0.69% expense ratio and 0.43% management fee. BIAFX is classified as an Allocation Balanced fund, which seeks to invest in a balance of asset types, like stocks, bonds, and cash, and including precious metals or commodities is not unusual. BIAFX has achieved five-year annual returns of an astounding 11.36%.

JPMorgan Large Cap Growth R5 (JLGRX Quick QuoteJLGRX - Free Report) : 0.53% expense ratio and 0.45% management fee. JLGRX 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 15.23% over the last five years, JLGRX is an effectively diversified fund with a long reputation of solidly positive performance.

Fidelity Advisor Semiconductors I (FELIX Quick QuoteFELIX - Free Report) : 0.74% expense ratio and 0.53% management fee. FELIX is a Sector - Tech mutual fund, allowing investors to own a stake in a notoriously volatile sector with a much more diversified approach. With a five-year annual return of 26.3%, this fund is a well-diversified fund with a long track record of success.

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.