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 easiest, most reliable way to judge a mutual fund's quality over time is by analyzing its performance, diversification, and fees. The Zacks Mutual Fund Rank, which covers over 19,000 mutual funds, has helped us identify three outstanding options that are perfect for any long-term investors' portfolios that is retirement-focused.

Let's learn about some of Zacks' highest ranked mutual funds with low fees you may want to consider.

Dreyfus Strategic Value I (DRGVX): 0.68% expense ratio and 0.6% management fee. DRGVX 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. DRGVX has achieved five-year annual returns of an astounding 10.11%.

Fidelity Select Semiconductors (FSELX): 0.69% expense ratio and 0.53% management fee. FSELX is part of the Sector - Tech mutual fund category that invests in technology and lets investors own a stake in a notoriously volatile sector, but with a much more diversified approach. With yearly returns of 26.56% over the last five years, FSELX is an effectively diversified fund with a long reputation of solidly positive performance.

Ivy Large Cap Growth Y (WLGYX). Expense ratio: 0.95%. Management fee: 0.61%. Five year annual return: 11.94%. WLGYX 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.

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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