diff --git a/src/simplewallet/simplewallet.cpp b/src/simplewallet/simplewallet.cpp
index 481668299..575b711d5 100644
--- a/src/simplewallet/simplewallet.cpp
+++ b/src/simplewallet/simplewallet.cpp
@@ -1708,9 +1708,18 @@ bool simple_wallet::open_wallet(const boost::program_options::variables_map& vm)
   catch (const std::exception& e)
   {
     fail_msg_writer() << tr("failed to load wallet: ") << e.what();
-    // only suggest removing cache if the password was actually correct
-    if (m_wallet && m_wallet->verify_password(password))
-      fail_msg_writer() << boost::format(tr("You may want to remove the file \"%s\" and try again")) % m_wallet_file;
+    if (m_wallet)
+    {
+      // only suggest removing cache if the password was actually correct
+      bool password_is_correct = false;
+      try
+      {
+        password_is_correct = m_wallet->verify_password(password);
+      }
+      catch (...) { } // guard against I/O errors
+      if (password_is_correct)
+        fail_msg_writer() << boost::format(tr("You may want to remove the file \"%s\" and try again")) % m_wallet_file;
+    }
     return false;
   }
   success_msg_writer() <<