Your charging system is likely OK. They were never great on the 550 to begin with, and they don't improve with age. Things you can do to improve battery life:
* Polish the bullet connectors all over your wiring harness with emery cloth, and reassemble with dielectric grease. Even just unplugging and replugging can have a huge effect on contact resistance.
* Polish the spring clips in the fuse box with emery cloth and squeeze the clips together with the fuse removed to add more spring tension.
* Look to see if the PO has mounted a 55/65W headlight instead of the stock 35W headlight. The stock headlight was so dim as to be dangerous, but the charging system could keep up with it. Several people (including me) have mounted the DDM 35 watt HID kit (it's under 40 bucks) with excellent results.
* Look to see if the PO has mounted 3 ohm coils instead of the stock 5 ohm coils. 3 ohm coils use 20 watts more power.
* Last but not least, if you're riding for short trips or in the city most of the time, keep your battery on a battery tender. Get a good one, as the cheap ones seem to destroy batteries after some time. I mounted a female cigarette lighter adapter to my battery, and a male plug to my battery tender. The female end on the bike tucks behind the sidecover when not in use, and makes it easy to plug the bike in when it's in the garage. This also lets me charge my phone on long trips.
As a final comment, given the alternator setup on these bikes, if you spend most of your time in stop-and-go traffic or idling, there is no way for the battery to charge no matter WHAT condition the charging system is in. They do not charge at idle like a car does, so every stoplight drains the battery. A charging system in good shape on the 550 will start to "break even" around 2200RPM. Idling at 3000RPM is not recommended because it can cause the engine to overheat in short order. Use a battery tender on a city bike.