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.

Columbia Large Cap Growth Fund R4

(CCGRX) has a 0.73% expense ratio and 0.65% management fee. CCGRX 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 17.8% over the last five years, this fund clearly wins.

Neuberger Berman Large Cap Value Investor

(NPRTX) is a stand out amongst its peers. NPRTX 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 five-year annualized performance of 11.4%, expense ratio of 0.75% and management fee of 0.68%, this diversified fund is an attractive buy with a strong history of performance.

Principal Small Cap Value II J

(PSMJX). Expense ratio: 1.27%. Management fee: 0.94%. Five year annual return: 9.85%. PSMJX is a Small Cap Value fund, and these funds are known for investing in companies with market caps under $2 billion.

We hope that your investment advisor (if you use one) has you invested in one or all of the top-ranked mutual funds we've reviewed. But if that isn't the case, it might be time to have a conversation or reconsider this vitally important relationship.

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