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.

Fidelity Select Financial Services (FIDSX Quick QuoteFIDSX - Free Report) has a 0.76% expense ratio and 0.53% management fee. FIDSX is a Sector - Finance mutual fund option, which provide investors with a diversified and stabilized investment approach focused on the financial space, which is a notoriously large, complex, and heavily-regulated industry. With yearly returns of 13.7% over the last five years, this fund clearly wins.

Glenmede Small Cap Equity Adviser (GTCSX Quick QuoteGTCSX - Free Report) : 0.94% expense ratio and 0.55% management fee. GTCSX is a Small Cap Value mutual fund option, which typically invest in companies with market caps under $2 billion. GTCSX, with annual returns of 13.54% over the last five years, is a well-diversified fund with a long track record of success.

TIAA-CREF Growth & Income Premier (TRPGX Quick QuoteTRPGX - Free Report) is an attractive large-cap allocation. TRPGX 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. TRPGX has an expense ratio of 0.55%, management fee of 0.4%, and annual returns of 15.07% over the past 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.