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 break down some of the mutual funds with the top Zacks Mutual Fund Rank and the lowest fees.

Fidelity Growth Discovery (FDSVX Quick QuoteFDSVX - Free Report) has a 0.83% expense ratio and 0.65% management fee. FDSVX 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 14.28% over the last five years, this fund clearly wins.

JPMorgan Disciplined Equity I (JDESX Quick QuoteJDESX - Free Report) : 0.35% expense ratio and 0.25% management fee. JDESX 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 yearly returns of 12.16% over the last five years, JDESX is an effectively diversified fund with a long reputation of solidly positive performance.

BlackRock Long-Horizon Equity I (MAEGX Quick QuoteMAEGX - Free Report) : 0.95% expense ratio and 0.8% management fee. MAEGX 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. The fund is mainly invested in equities, has a long reputation of salutary performance, and has yearly returns of 11.12% over the last 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.