Upgrading an SSIS package that uses and encrypted password from 2008 to 2012

I was tasked to upgrade some old SSIS packages from 2008 to 2012 and I have never done that before.

Most are upgraded automatically by the Visual Studio upgrade wizard, but one is failing and I think it's because it's using an encrypted password.

Here's the message:

Error 0xc0016016: RiskWantedPosition: Failed to decrypt protected XML node "DTS:Password" with error 0x8009000B "Key not valid for use in specified state.". You may not be authorized to access this information. This error occurs when there is a cryptographic error. Verify that the correct key is available.

Error 0xc001f429: Package Upgrade: The loading of the package RiskWantedPosition.TA.dtsx has failed.

Anyone know what I have to do in order to upgrade successfully that package?