Your ‘71 is a 500, not a 550, unless it’s actually newer than a ‘74...
Does it die because the idle seems low, or because it appears to be running out of gas? Do you have any history with the bike, or any information you can provide? Is the choke stuck on? Is there fuel flowing from the tank? Is there an inline fuel filter improperly installed that’s interrupting fuel? Are the float heights set wrong? Are the plugs so badly fouls, they won’t fire? Did someone replace the idle jets and muck up the settings? Have the carbs been cleaned recently? And so on, and so on...
A little hint for you, these are air-cooled motors and as such don’t like to sit in the garage and idle for 10 minutes. They will overheat. They need air flow across the motor fins to prevent this