Possibly. Studies on the connection between bilingualism and a lower risk of Alzheimer's disease have had conflicting results.
Some studies have shown that if you know two or more languages — and you have risk factors for Alzheimer's — you may experience a delay in the onset of Alzheimer's symptoms. Some researchers believe being bilingual or multilingual helps develop your brain's cognitive reserve in the same way that engaging in other mentally and socially stimulating activities does.
However, other studies have not found a clear connection between being bilingual and having a lower risk of Alzheimer's disease. More research is needed before it's completely understood how cognitive reserve works to delay the onset of Alzheimer's disease and other dementias.
It's thought that activities that develop cognitive reserve work because they increase the robustness of your brain's architecture — enriching blood flow, enhancing the activity of neurons and putting more of your brain to use. This may make up for the loss of diseased parts of the brain.
Engaging in a variety of activities, especially those promoting mental and social stimulation, may help people at risk of developing Alzheimer's disease or dementia slow or delay its onset.
And if you're interested in learning another language, go for it. However, more research is needed before it's known whether learning a second language later in life has the same protective effect as might a lifetime of speaking a second language.