Time Machine Encryption Password Forgotten

RoughCommon wrote:

Been using Time Machine for 6 months with my Macbook Air and a 2TeraByte USB HDD. Used encryption as advised by the program but have forgotten the encryption password. An earlier (24 Nov 2012) post reply by bryan LV on this forum suggested: "open your Keychain Access in the utilities folder in the Applications, find Time Machine and double click. Click on Show Password use your system password and your encryption key will show" Am now on Monterey MacOS 12.1 and this does not seem to work. Is the encryption password now completely inaccessible and if so, do I just junk all my existing backups and start again from scratch.

Please help. I am 81 years old but computer savvy, so I probably set a reminder hint somewhere.

Erase and reformat a storage device in Disk Utility on Mac

Erase and reformat a storage device in Disk Utility on Mac - Apple Support

The current stable release of Monterey including bug fixes, is macOS 12.4

Keep your Mac up to date - Apple Support

You can always Call Customer Support (800) MY–APPLE (800–692–7753)