Ikigai: A Japanese concept to improve work and life

Rather, ikigai is about feeling your work makes a difference in people's lives.

How people find meaning in their work is a topic of much interest to management experts. One research paper by Wharton management professor Adam Grant explained that what motivates employees is "doing work that affects the well-being of others" and to "see or meet the people affected by their work."

Champion hurdler Dai Tamesue, who retired in 2012, said in a recent interview that the fundamental question he asked after he retired was: "what was it that I wanted to achieve by playing sports?"

"For me, what I wanted to achieve through competing in track and field was to change people's perceptions". After retiring, he started a company that supports sports-related business.

Tamesue's story shows the malleable nature of ikigai and how it can be applied. When retirement comes, it is helpful to have a clear understanding of why you do what you do beyond collecting a payslip.