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.

Columbia Small Cap Value I Class A (CSMIX Quick QuoteCSMIX - Free Report) : 1.26% expense ratio and 0.81% management fee. CSMIX is a Small Cap Value mutual fund, investing in small companies with stock market valuation less than $2 billion. CSMIX has achieved five-year annual returns of an astounding 9.18%.

Invesco Comstock A (ACSTX Quick QuoteACSTX - Free Report) : 0.8% expense ratio and 0.38% management fee. ACSTX 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. With yearly returns of 11.07% over the last five years, ACSTX is an effectively diversified fund with a long reputation of solidly positive performance.

Fidelity Advisor Equity Growth A (EPGAX Quick QuoteEPGAX - Free Report) is an attractive large-cap allocation. EPGAX 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. EPGAX has an expense ratio of 0.96%, management fee of 0.52%, and annual returns of 16.88% 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.