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

Fidelity Advisor Balanced Fund A (FABLX Quick QuoteFABLX - Free Report) : 0.81% expense ratio and 0.38% management fee. FABLX is an Allocation Balanced mutual fund. Allocation Balanced funds look to invest across asset types, like stocks, bonds, and cash, and including precious metals or commodities is not unusual; these funds are mostly categorized by their respective asset allocation. With annual returns of 11.66% over the last five years, this fund is a winner.

Nuveen Winslow Large-Cap Growth I (NVLIX Quick QuoteNVLIX - Free Report) : 0.66% expense ratio and 0.65% management fee. NVLIX 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 yearly returns of 17.95% over the last five years, NVLIX is an effectively diversified fund with a long reputation of solidly positive performance.

Wells Fargo Special Mid Cap Value Institutional (WFMIX Quick QuoteWFMIX - Free Report) . Expense ratio: 0.8%. Management fee: 0.66%. Five year annual return: 11.79%. WFMIX is a Mid Cap Value mutual funds that aims to target medium-sized companies that possess strong value and income opportunities for investors.

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.