Yep, my 98 S70 T5M frequently squeels in 1st, 2nd and lateley, on
occasion, 3rd gear. I understand it is fairly common problem.
Mine has been doing it for over a year. The throw-out
bearing continues to work -- you just have to live with the squeel.
Oh, I have 55K miles on the car and it started at around 35K.

I've seen a handful of other people report this problem on this board.

Since it is 10+ hours of labor you might as well have every wear
item replaced, including the clutch (should you do it). Labor
where I live is $135/hour (dealer, maybe $100 at independent) so
the clutch cost is marginal in the bigger picture.

I have not seen anyone (here) report that the throw-out bearing
ultimatly failed casuing them to be stranded. So, I'm living with
it for now.