There is never a wrong time to invest in mutual funds for retirement. So, if you're still looking for the best mutual funds, the Zacks Mutual Fund Rank can be a great guide.

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.

Fidelity Select Insurance (FSPCX Quick QuoteFSPCX - Free Report) has a 0.8% expense ratio and 0.69% management fee. Sector - Finance funds offer a stable, diversified approach to investing that focuses on the financial industry, an infamously large, complex, and heavily-regulated space. With yearly returns of 13.71% over the last five years, this fund clearly wins.

Invesco Small Cap Value Y (VSMIX Quick QuoteVSMIX - Free Report) is a stand out amongst its peers. VSMIX is a Small Cap Value fund, and these funds are known for investing in companies with market caps under $2 billion. With five-year annualized performance of 17.35%, expense ratio of 0.86% and management fee of 0.64%, this diversified fund is an attractive buy with a strong history of performance.

Diamond Hill Select I (DHLTX Quick QuoteDHLTX - Free Report) is an attractive large-cap allocation. DHLTX 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. DHLTX has an expense ratio of 0.87%, management fee of 0.7%, and annual returns of 14.01% over the past 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.