If your car is being serviced regularly, I would expect the recall work was done a long time ago. (Still, check it out at a Volvo dealer.)

But you are more than likely looking at two separate issues.

First, the 1998 models have a history of failed ABS control units. Typically, there is a period of intermittent ABS/TRACS warning lights on the dash, eventually it just comes on and stays on. The circuit board for this model year was defective, and it frequently cracks. Replacement is the only cure if the board has gone bad. Your service tech can scan the car for ABS problems, and if the results point to the right rear wheel then a failed ABS controller is the most likely problem - this particular circuit seems the most vulnerable. At 72K miles, you'd be right on schedule for this failure. The part is $416 at the dealer, can be obtained over the internet for $358. Labor is extra, of course. Shop around for the best price.

Second, the bulb out warning. In my case, this turned out to be an infinitesimal amount of corrosion on my rear taillight fixtures. (The giveaway is the lamp out failure would happen when I stepped on the brake so I knew it was the problem was in the back somewhere.) I solved the problem by taking out the rear fixtures from the inside (easy, they just snap out), sanding the connectors with emery cloth, and spraying them with Tri-Flow (an electrically conductive lubricant that prevents mositure, dirt and corrosion from building up again). For good measure, I replaced all the lamps, and the problem hasn't returned in 18 months.
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David
98 S70 T5SE // Black, misc mods (mostly lighting), red calipers
92 940GLE // Hella Micro DE foglights