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

AQR Small Cap Momentum Style I

(ASMOX Quick QuoteASMOX - Free Report) : 0.62% expense ratio and 0.45% management fee. ASMOX is a Small Cap Growth mutual fund and tends to feature small companies in up-and-coming industries and markets. With annual returns of 14.87% over the last five years, this fund is a winner.

JPMorgan Mid Cap Value I

(JMVSX Quick QuoteJMVSX - Free Report) . Expense ratio: 0.87%. Management fee: 0.6%. JMVSX is a Mid Cap Value mutual fund, which targets medium-sized companies with a market cap between $2 billion and $10 billion. This fund has managed to produce a robust 16.81% over the last five years.

Vanguard Windsor Admiral

(VWNEX Quick QuoteVWNEX - Free Report) . Expense ratio: 0.26%. Management fee: 0.25%. Five year annual return: 18.64%. VWNEX 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.

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.