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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.

How can you tell a good mutual fund from a bad one? It's pretty basic: if the fund is diversified, has low fees, and shows strong performance, it's a keeper. Of course, there's a wide range, but using the Zacks Mutual Fund Rank, we've found three mutual funds that would be great additions to any long-term retirement investors' portfolios.

Let's break down some of the mutual funds with the top Zacks Mutual Fund Rank and the lowest fees.

Invesco Equity & Income A

(ACEIX): 0.77% expense ratio and 0.35% management fee. ACEIX 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. ACEIX has achieved five-year annual returns of an astounding 10.47%.

North Square Tactical Growth I

(ETFOX) is a stand out amongst its peers. ETFOX is classified as an Allocation Balanced fund, which seeks to invest in a balance of asset types, like stocks, bonds, and cash, and including precious metals or commodities is not unusual. With five-year annualized performance of 9.24%, expense ratio of 1.3% and management fee of 1.08%, this diversified fund is an attractive buy with a strong history of performance.

GMO International Intrinsic Value III

(GMOIX) is an attractive large-cap allocation. GMOIX is a Non US - Equity option, focusing their investments acoss emerging and developed markets, and can often extend across cap levels too. GMOIX has an expense ratio of 0.67%, management fee of 0.65%, and annual returns of 15.65% 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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This article originally published on Zacks Investment Research (zacks.com).

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