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

Eaton Vance Tax-Managed Growth 1.0

(CAPEX): 0.46% expense ratio and 0.45% management fee. CAPEX is a Large Cap Growth option; these mutual funds purchase stakes in numerous large U.S. companies that are expected to develop and grow at a faster rate than other large-cap stocks. CAPEX has achieved five-year annual returns of an astounding 15.09%.

Fidelity Select Technology

(FSPTX). Expense ratio: 0.68%. Management fee: 0.64%. FSPTX is a Sector - Tech mutual fund, allowing investors to own a stake in a notoriously volatile sector with a much more diversified approach. This fund has managed to produce a robust 23.03% over the last five years.

O'Shaughnessey MarketLeadersValue I

(OFVIX) is an attractive large-cap allocation. OFVIX 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. OFVIX has an expense ratio of 0.54%, management fee of 0.4%, and annual returns of 12.45% 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.

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