Your Ugly Stik will work unless you need to cast a country mile with light lures. We were fishing a Canadian lake for walleye and smallmouth and I hooked a 42-inch muskie with a 5'6" medium action Ugly Stik (and 8lb. line). It was touch-and-go, but I boated it.
I don't think anyone ever needs a high-dollar rod of extraordinary length and sensitivity. Ever. It wasn't that long ago when no one manufactured freshwater rods - other than fly rods - that were longer than six feet and lots of people caught lots of fish using them. Go back just a bit further and all you could buy were rods made from steel, and before that, it was just sticks or - if you had deep pockets - bamboo.
Graphite is the new kid in the marketplace compared to fiberglass or fiberglass-carbon composites.
I cringe when I see recommendations for the highest-priced gear. It isn't necessary. Not even if you have very deep pockets.
One of the best reels out there is a Cabela's Tournament series - manufactured by Daiwa - that goes for $70. It has an exceptional drag, is extremely durable, and has all the features one could ever need. Everyone who tests it gives it the highest marks and no one talks about it. The Shimano Convergence rods are exceptional values, but have limited lengths/actions from which to choose. The Shimano Clarus rods are top-shelf and give you more choices.
I defy the serious hobby angler to find a difference between a $100 Clarus and a $500 Loomis rod that can in any way justify the astronomical cost of a Loomis rod. Lifetime warranty? Seriously? Do any of us expect to be fishing a graphite rod 20 years from now when everything is Kevlar or some new aramid material, and the latest line guides are made from anti-gravity ceramics?
We could be out there whipping the water into a froth with $10,000 worth of rod, reel, and line and still not know HOW to catch the fish we want to catch, and once we learn how to catch them, won't whatever we have in our hands work?
I love my Lamiglas Norwest Special rods, but they're discontinued. You can't buy a new one anywhere. Shakespeare has been making Ugly Stiks, essentially unchanged, for forty years. If they didn't work and work good enough, they would be off the market. Instead, they're still the best selling fishing rods made.
If your Ugly Stik breaks with a fish on (not likely) then get a new rod. If the Ugly Stik becomes a glaring weakness - if it, in and of itself, prevents you from catching fish, then replace it. But wait until you know what it's weaknesses are so you know what the next rod needs to do or to do better.
Never leave fish to find fish. Never upgrade just to upgrade.