All good suggestions - it can actually be a combination of a few..
1) Account you need to use is the Farm Account (must be a member of the SharePoint Farm Administrators Group added through Central Administration)
2) Farm account MUST be a member of the Local Users and Groups Administrators group
3) Must right click on the Central Administration icon and select "Run as administrator"
RECOMMENDATION TO ALL: Don't follow Microsoft's instructions to use an installation account - that is simply stupid. When you use a specific account for installation, services, etc. are assigned to it. If you want to then create a farm account, you'll waste much valuable time resetting service ID's, assigning to proper security groups, etc. Install using the Farm account (once assigned to the Local Users & Groups Administrators group). The same goes for using a SQL Server account - if you use an installation account (ala 2008) or accept the default accounts (ala 2012), same issue. Install using the account that will be running the services!