Need help Regarding 404 Error

Hello Guys,

I am owner of wordpress website. I recently log in to my google webmaster tool and found that my websites has more than 340 links are not found. One of my friend suggested me to use 404 Redirection plugin for my wordpress site and redirect all those 404 pages to home page.

What do you think is this ok or not??

Personally, I'd say it's fine. Although a better solution would be to create new pages to redirect the old ones to.