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.

Fidelity Advisor Semiconductors I (FELIX Quick QuoteFELIX - Free Report) : 0.74% expense ratio and 0.53% management fee. FELIX is part of the Sector - Tech mutual fund category that invests in technology and lets investors own a stake in a notoriously volatile sector, but with a much more diversified approach. With annual returns of 28.8% over the last five years, this fund is a winner.

MFS Mass Investors Growth Stock R4 (MIGKX Quick QuoteMIGKX - Free Report) . Expense ratio: 0.46%. Management fee: 0.33%. MIGKX 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 14.38% over the last five years.

Invesco Small Cap Value A (VSCAX Quick QuoteVSCAX - Free Report) : 1.09% expense ratio and 0.64% management fee. VSCAX is a Small Cap Value mutual fund option, which typically invest in companies with market caps under $2 billion. With a five-year annual return of 14.54%, this fund is a well-diversified fund with a long track record of success.

We hope that your investment advisor (if you use one) has you invested in one or all of the top-ranked mutual funds we've reviewed. But if that isn't the case, it might be time to have a conversation or reconsider this vitally important relationship.