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.

American Funds Mutual Fund F2 (AMRFX Quick QuoteAMRFX - Free Report) : 0.38% expense ratio and 0.23% management fee. AMRFX is a part of the Large Cap Value category, and invests in equities with a market capitalization of $10 billion or more, but whose share prices do not reflect their intrinsic value. AMRFX has achieved five-year annual returns of an astounding 9.23%.

Columbia Small Cap Value I Class Z (CSCZX Quick QuoteCSCZX - Free Report) : 1% expense ratio and 0.81% management fee. CSCZX is a Small Cap Value fund, and these funds are known for investing in companies with market caps under $2 billion. With yearly returns of 9.45% over the last five years, CSCZX is an effectively diversified fund with a long reputation of solidly positive performance.

Principal Large Cap Growth I R1 (PCRSX Quick QuotePCRSX - Free Report) : 1.47% expense ratio and 0.6% management fee. PCRSX is a Large Cap Growth mutual fund, and these funds invest in many large U.S. firms that are projected to grow at a faster rate than their large-cap peers. With a five-year annual return of 11.59%, 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.