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.

Here are the funds that have achieved the Zacks Mutual Fund Rank #1 (Strong Buy) and have low fees.

Fidelity Advisor Technology A (FADTX) has a 0.96% expense ratio and 0.53% management fee. With a much more diversified approach, FADTX--part of the Sector - Tech mutual fund category--gives investors a way to own a stake in the notoriously risky tech sector. With yearly returns of 21.86% over the last five years, this fund clearly wins.

Principal MidCap Institutional (PCBIX): 0.68% expense ratio and 0.58% management fee. PCBIX is a Mid Cap Growth mutual fund. These funds aim to target companies with a market capitalization between $2 billion and $10 billion that are also expected to exhibit more extensive growth opportunities for investors than their peers. PCBIX, with annual returns of 11.03% over the last five years, is a well-diversified fund with a long track record of success.

Transamerica Large Value Opps I3 (TLOTX). Expense ratio: 0.5%. Management fee: 0.45%. Five year annual return: 8.97%. TLOTX 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.

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