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 break down some of the mutual funds with the top Zacks Mutual Fund Rank and the lowest fees.

John Hancock Disciplined Value I (JVLIX Quick QuoteJVLIX - Free Report) : 0.77% expense ratio and 0.61% management fee. JVLIX 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. JVLIX has achieved five-year annual returns of an astounding 13.06%.

JPMorgan Mid Cap Growth I (HLGEX Quick QuoteHLGEX - Free Report) . Expense ratio: 0.89%. Management fee: 0.65%. HLGEX is a Mid Cap Growth mutual fund. These mutual funds choose companies with a stock market valuation between $2 billion and $10 billion. This fund has managed to produce a robust 12.27% over the last five years.

AQR Long-Short Equity Fund I (QLEIX Quick QuoteQLEIX - Free Report) is an attractive large-cap allocation. QLEIX is a Long Short - Equity fund, and these funds aim to minimize exposure to the broader market, 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 16.56% 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.