How do I get rid of the Update Apple ID Settings notification? (asks for old passcode)

I want to get rid of the red Update Apple ID Settings notification that appears in Settings. After I tap Continue and enter my apple ID password, I am asked to enter my old passcode "previously used to unlock this iPhone". The problem is this situation arose due to my having to recover my iPhone after it was disabled following too many incorrect passcode attempts. Obviously I don't remember the old passcode so I can't proceed with this step. If I tap "Don't know iPhone passcode?" I am only given the options to Reset Encrypted Data, which would mean permanently deleting encrypted data, and Cancel. What do I do to get rid of it? Google isn't my friend and I don't want to risk losing anything important.