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.

If you are looking to diversify your portfolio, consider Janus Henderson Contrarian A (JCNAX Quick QuoteJCNAX - Free Report) . JCNAX is a Large Cap Value mutual fund, which invests in stocks with a market cap of $10 billion of more, but whose share prices do not reflect their intrinsic value. This fund is a winner, boasting an expense ratio of 0.99%, management fee of 0.6%, and a five-year annualized return track record of 13.25%.

Oppenheimer Discovery Y (ODIYX Quick QuoteODIYX - Free Report) : 0.79% expense ratio and 0.6% management fee. ODIYX is one of many Small Cap Growth mutual funds; these funds tend to create their portfolios around stocks with market capitalization of less than $2 billion. With yearly returns of 11.5% over the last five years, ODIYX is an effectively diversified fund with a long reputation of solidly positive performance.

Putnam Global Health Care Y (PHSYX Quick QuotePHSYX - Free Report) : 0.82% expense ratio and 0.62% management fee. PHSYX is part of the Sector - Health category, offering investors a focus on the healthcare industry, one of the largest sectors in the American economy. The fund is mainly invested in equities, has a long reputation of salutary performance, and has yearly returns of 12.8% over the last five years.

There you have it. If your financial advisor had you put your money into any of our top-ranked funds, then they've got you covered. If not, you may need to talk.