Create a new .pst file and name it Archive. It will then show up on the left side as an account. From there, you should be able to right click on the folder and recreate folder names or make new ones. Then you can drag/drop old emails to a folder that you created.
Remember, the .pst file will only be available on that computer. It will not be accessible from your phone or outlook online.
This is the only thing available at this point that I have found. And the .pst file thing just popped up as an option a few days ago … for me anyway.