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

Fidelity Fund K (FFDKX) has a 0.38% expense ratio and 0.31% management fee. FFDKX is part of the Large Cap Blend section, and these mutual funds most often invest in firms with a market capitalization of $10 billion or more. By investing in bigger companies, these funds offer more stability, and are often well-suited for investors with a "buy and hold" mindset. With yearly returns of 12.77% over the last five years, this fund clearly wins.

MFS Mass Investors Growth Stock I (MGTIX). Expense ratio: 0.46%. Management fee: 0.33%. MGTIX is a part of the Large Cap Growth mutual fund category, which invest in many large U.S. companies that are expected to grow much faster compared to other large-cap stocks. This fund has managed to produce a robust 14.02% over the last five years.

Schwartz Value Fund (RCMFX) is an attractive large-cap allocation. RCMFX is a Small Cap Value mutual fund option, which typically invest in companies with market caps under $2 billion. RCMFX has an expense ratio of 1.25%, management fee of 0.8%, and annual returns of 12.6% over the past five years.

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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