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.

Here are the funds that have achieved the Zacks Mutual Fund Rank #1 (Strong Buy) and have low fees.

Thrivent Large Cap Value Fund A (AAUTX Quick QuoteAAUTX - Free Report) : 0.85% expense ratio and 0.45% management fee. AAUTX 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. With annual returns of 13% over the last five years, this fund is a winner.

Fidelity Advisor New Insights Z (FZANX Quick QuoteFZANX - Free Report) : 0.31% expense ratio and 0.28% management fee. FZANX is a part of the Large Cap Growth mutual fund category, which invest in many large U.S. companies that are expected to grow much faster compared to other large-cap stocks. FZANX, with annual returns of 15.79% over the last five years, is a well-diversified fund with a long track record of success.

JPMorgan US Equity I (JUESX Quick QuoteJUESX - Free Report) is an attractive large-cap allocation. JUESX 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. JUESX has an expense ratio of 0.69%, management fee of 0.4%, and annual returns of 17.32% 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.