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 take a look at some of our top-ranked mutual funds with the lowest fees.

Frost Growth Equity Institutional

(FICEX Quick QuoteFICEX - Free Report) : 0.67% expense ratio and 0.5% management fee. FICEX 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 annual returns of 16.83% over the last five years, this fund is a winner.

Fidelity Select Financial Services

(FIDSX Quick QuoteFIDSX - Free Report) : 0.7% expense ratio and 0.69% management fee. FIDSX is a Sector - Finance mutual fund option, which provide investors with a diversified and stabilized investment approach focused on the financial space, which is a notoriously large, complex, and heavily-regulated industry. With yearly returns of 14.09% over the last five years, FIDSX is an effectively diversified fund with a long reputation of solidly positive performance.

MM Select Equity Asset I

: 0.26% expense ratio and 0.18% management fee. MSEJX is a Global - Equity mutual fund. These funds invest in large markets like the U.S., Europe, and Japan, and operate with very few geographical limitations. The fund is mainly invested in equities, has a long reputation of salutary performance, and has yearly returns of 16.63% over the last 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.