How can you save for retirement if you own your own business or make money from home?

I am 22.I will soon be making money on my own working from home. I don't know anything about retirement. How much money should I save and what should I put this money into, a CD,a bond? I have no idea about these things. Also, does anyone know at what rate the cost of living rises each year? Is there an equation to determine how much money will be needed for me to retire when I get ready to?