The 60,000 mile (96,000 km in my case)service is an expensive one. You also should replace the serpentine belt, air filter and cabin filter at this point.

I replaced my timing belt at 112,000 km (70,000 miles) as recommended in the manual. The timing belt still had good teeth, but it had alot of cracks from engine heat. I would not let this service go beyond the 70,000 mile mark. The timing belt was a three hour job by my local mechanic who is not a Volvo specialist (a good solid mechanic he is).