I wouldnt worry about the water pump just yet. At that mileage I would do the timing and accessory belt only. If the water pump shows signs of leaking then of course change it out, but I doubt that will be the case. Next interval would be wise to do it (thats when I did the belts, tensioner and pump).

Roy what gives? You always seem to post your displeasure with s90's. You had a bad deal with your car and you are unhappy, but are you trying to save the rest of us from our evil s90's /960's? Do you even still own a volvo? I can see if somebody asks "Do you think I should buy a question, but all this guy wants to know is what else to do with a timing belt. My wifes car is getting close to 174k and is still doing pretty good. No major engine work, minor suspension work, some electrical probs and its still on the original shocks. Had a radiator go bad and the PNP switch acts up every so often, but the damn thing still runs and is hopefully going to make it past 200k. I take care of the car but I don't baby it. I have picked up lots of usefull information from this site and have tried to contribute when I can. What are you contributing other than your disdain for the car you owned?
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97 S90 with 175K miles still going strong