Mike,
Check the fluid color using the dipstick and a white paper towel. It should be red. If it is brown and stinks, you need to at least flush the fluid.
This is an easy operation, requires about 4-5 quarts of JWS3309 (for 5 speed automatics). Just drain the fluid from the sump, measure the amount drained, and add the same amount through the dip stick hole.
The drain will get the dirtiest fluid out, especially if the engine has not run for 8 hours. Here is a tutorial:
https://www.matthewsvolvosite.com/volvo-v70-transmission-drain-and-fill-tutorial/
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Keeping it running is better than buying new
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