Postgres password authentication fails

As shown in the latest edit, the password is valid until 1970, which means it's currently invalid. This explains the error message which is the same as if the password was incorrect.

Reset the validity with:

ALTER USER postgres VALID UNTIL 'infinity';

In a recent question, another user had the same problem with user accounts and PG-9.2:

PostgreSQL - Password authentication fail after adding group roles

So apparently there is a way to unintentionally set a bogus password validity to the Unix epoch (1st Jan, 1970, the minimum possible value for the abstime type). Possibly, there's a bug in PG itself or in some client tool that would create this situation.