It is never too late to invest in mutual funds for retirement. As such, if you plan to invest in some of the best funds, the Zacks Mutual Fund Rank can provide you with valuable guidance.

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 learn about some of Zacks' highest ranked mutual funds with low fees you may want to consider.

Principal Capital Appreciation A (CMNWX Quick QuoteCMNWX - Free Report) : 0.78% expense ratio and 0.43% management fee. CMNWX is a Large Cap Blend fund, targeting companies with market caps of over $10 billion. These funds offer investors a stability, and are perfect for people with a "buy and hold" mindset. With annual returns of 13.51% over the last five years, this fund is a winner.

TIAA-CREF Lifestyle Aggressive Growth Premier (TSAPX Quick QuoteTSAPX - Free Report) : 0.25% expense ratio and 0.1% management fee. TSAPX 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. TSAPX, with annual returns of 9.37% over the last five years, is a well-diversified fund with a long track record of success.

AQR Long-Short Equity Fund I (QLEIX Quick QuoteQLEIX - Free Report) is an attractive large-cap allocation. QLEIX is a Long Short - Equity option. These funds' investment strategy consists of minimizing overall market exposure, while at the same time taking long positions in equities that are expected to appreciate and short positions in equities that are projected to decline. QLEIX has an expense ratio of 1.3%, management fee of 1.1%, and annual returns of 14.27% 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.