I end up forgetting some pretty basic words in both languages quite regularly
It might not be/probably isn't. It can be dementia, or drugs you are taking, or drugs you are not taking, or serious illness, or metabolic problems, or nothing at all.
If it gets better, it wasn't dementia or terminal illness.
I agree that if there is a sudden increase, you should first ask yourself about recent lifestyle changes (sleep, alcohol/drugs, medicines, recent general anesthesia) and ask a doctor if you're still concerned.
But although a sudden increase can be a symptom of something else--especially in combination with other symptoms--a gradual increase beginning in mid-life is a symptom of the "terminal illness" of ordinary aging.
That may be true, but that's not what he said.