Although it is not listed in side effects of Lipitor, many people who have taken Lipitor have experienced dementia symptoms while taking the medication. Lipitor is a medication that is used to treat high cholesterol, also known as statin drugs. These type of medications sometimes cause memory loss. This can be scary, especially for older people who may feel that they are losing their memory due to old age. I would advise talking with your doctor if you are concerned about yourself or a loved one.